Global currency markets treaded water for the much of the day ahead of the all-important US mid-term elections. Despite the lower volumes across the market, the Great British Pound was the best performing currency, again gaining slightly against its US counterpart to open this morning at 1.3095.
The Sterling gained approximately 0.4% on yesterdays open as again Brexit headlines buoyed the Pound. The UK Cabinet met to discuss Brexit but so far, nothing yet has been agreed. A spokesman for the Prime Minister did say that there was still significant work to do to resolve outstanding issues. Nevertheless, the market is taking an optimistic view on the likely outcome as both the UK and EU seem eager to wrap up the divorce deal.
Moving into Wednesday, the market will keep a very close eye on the US mid-term elections as the results are released throughout the day. Closer to home, investors will, as always, keep a close eye on the Brexit headlines.