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Global assets and US assets in particular are in a period of tension ahead of looming risk events from the announcement of the next Fed chair to the Mueller inquiry into Russian interference in the 2016 election, says Saxo head of FX strategy John J Hardy.
Squawk / Tuesday at 9:39 GMT
Head of FX Strategy / Saxo Bank
Denmark
Weak UK CPI sees sterling lower. The headline and core UK Oct. CPI came in 0.1% below expectations, suggesting less need for the BoE to rattle the policy cage. This puts EURGBP into a key 0.8950-0.9000 zone that is the last bit of the local range in the pair. Sterling has recently been weaker as the May's leadership may be in an existential crisis, making the UK's negotiating position terribly fragile while the EU makes tough demands. Still, it is hard to see a strong sustained directional move in GBP until we get more Brexit news - good or bad. The EU Brexit negotiator Barnier has given the UK two weeks (as of last Friday) to come up with its definition of what it thinks it owes the EU as a part of a divorce settlement, something the UK side is unwilling to do as they would like to know the nature of the eventual Brexit deal before offering anything. This chicken and egg problems is dogging the progress of the negotiations and dogging GBP on top of May's woes.

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