The pound tumbled at the opening on Monday as latest Brexit developments poured cold water on expectations that a Brexit breakthrough was imminent. The common currency suffered as well, with EUR/USD breaking below 1.1300 ahead of today’s deadline for Italy to submit its revised budget to the EU Commission. In the energy market, oil slid after Trump tweeted that Saudi Arabia and OPEC should not cut oil production.
Pound Stays Driven by Brexit, Euro Slides Ahead of Italy’s Revised Budget
The dollar traded higher against most of the other G10 currencies on Monday. It gained the most against NOK, EUR and CHF in that order, while it underperformed against NZD. The greenback traded virtually unchanged against JPY and AUD.
Monday was marked by a risk-off investor mood, with major EU and US indices closing in negative territory. Sentiment in Europe remained fragile perhaps due to worries surrounding Brexit and Italy (see below), while US markets took a hit after...
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