For what I would say was a pretty passive week (SXXP set to finish the week down -0.1%, vols down -13% vs 20d AVAT), at least we have everything coming up together now. Main catalyst clearly Brexit and despite a step backwards overnight, up until now, 2/3 headlines have been positive. Apparently a deal is expected by the end of the weekend so fingers crossed for that – next week could be fun if that materialises. Sterling a little bit confused about it all, GBP/EUR jumped +0.4% to celebrate the headlines but retracted doing so pretty quickly. Same for equities with the SXXP having a similar move (up +0.3, then down -0.3%). FTSE 100 actually had a rather muted reaction although it is finally trading above 6511 (6526 last). Keep an eye on it, next target at 7000.
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