The pound was pushed lower by more negative Brexit headlines late yesterday evening. They were from the BBC’s Laura Kuenssberg and detailed how discussions around the level playing field are intensifying, with the UK suggesting that the EU are bringing new elements to the table at the last minute.
Across the day, the pound was generally buyout, taking advantage of the current theme of US dollar weakness, gliding up to tap the $1.35 level before the headlines saw a 65 pip drop back down. As Friday begins the pressure is on with Michel Barnier set to fly back to Brussels later in the day. Both sides are remaining cautiously optimistic. As observers, we’re all still waiting for that breakthrough point.
Today’s highlight on the economic calendar is the latest snapshot of the US labour market. Non-farm payrolls will be released at 13.30 and are expected to show a 470,000 increase in November with the unemployment rate falling to 6.8%.
Have a good weekend.
8:19am, December 4th 2020
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