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September 2016

Sterling continues to slide

Published: Tuesday 20 September 2016

On a mission to shore up British clout after the shock vote to leave the European Union raised questions over the future unity of the West, Prime Minister Theresa May addressed leaders on Tuesday that Britain will not turn away from the world. On Brexit, Theresa May told General Assembly that the British people "did not vote to turn inwards or walk away from any of our partners in the world," according to remarks released by her office.

She told reporters in New York on Monday that she was "batting for Britain" after the Brexit vote. She also stated that she will not trigger the formal EU divorce this year and will get a good deal for Britain, though elections next year in France and Germany could complicate negotiations on an exit deal.

On the data front, the German PPI figures were poor; coming in 0.1% versus the consensus both month on month and year on year. Swiss trade balance rose less than expected, official data reveal. Swiss trade balance rose to an adjusted 3.025b, from 2.806b in the preceding month.

The Pound is still selling off after the Passporting announcement from yesterday otherwise markets waiting for the FED tomorrow.

Pound creeping towards the Brexit low of 1.1545 versus the Euro and 1.2890 v the Dollar. Fingers crossed the FED give us some decent news or we could break these levels and head even lower.

Latest FX news by Charlie Horsley