Via TD on GBP developments, what they expect in the short term:

  • rhetoric around a no-deal Brexit is unlikely to sound any better over the next few weeks
  • government will launch a public information campaign for no-deal preparations
  • this will make no-deal look like a credible threat to the EU
  • TD further note on the G7 summit, scheduled for August 25 and 26:
  • Johnson to have his first in-person meetings with Macron and Merkel … coming no closer to resuming negotiations.