Societé Generale: GBP to remain volatile

Societé Generale analysts suggests that the sterling is likely to remain choppy and potentially untradeable in the week ahead.

Key Quotes

“CFTC data, now updated to last Tuesday, show a small net short overall as market squares its books. That's not surprising but suggests we will see choppy trading.”

“There's a Cabinet meeting today, which will probably see a decision not to have a 3rd meaningful vote on PMs unpopular Withdrawal Agreement tomorrow.”

“A series of ‘indicative votes' are likely on Wed to test the water & see what could be successfully pushed through parliament and the PM probably hopes this will convince Brexiteers that her Agreement is preferable to a long delay to Brexit.”

“A ‘No deal' exit remains possible, in large part because if nothing else is agreed, that's what happens by default.”