The Pound had a muted response to the news the European Union accepted Theresa May’s Brexit deal this weekend as Spain will have a veto over any future deal concerning Gibraltar. European Council President Donald Tusk hailed the agreement as “one of the hardest tasks of our lives”.
Now that a no-deal outcome is highly unlikely, the UK prime minister is facing another fight back at home as the exit agreement must win a Westminster vote on Wednesday, 12 December.
This week the Federal Reserve (Fed) will release the minutes from its latest meeting. As global stock market is weaker partly due to slower economic growth and partly to tighter financial conditions, the Fed may consider pausing the current tightening cycle. Any suggestion it may do so will weigh down on the US Dollar.
In commodity markets, the price of crude fell below $60 a barrel after US President Donald Trump put further pressure on Saudi Arabia to cut back supply and drive down oil prices. The Brent crude benchmark fell to its lowest in a year in anticipation of a reduction in supply.
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