Calm before the storm?
The pound is holding relatively steady against the rest of the major bloc as we begin the session with cable sitting close to the 1.2800 handle after touching a high of 1.2812 in the last hour. The focus of markets as we close out the week will still be all about Brexit so be wary of further headlines that will lead to plenty of volatile action in the pound to come.
Meanwhile, the yen is leading the rest of the major bloc as US equity futures are looking sluggish. E-minis are down 0.4% on the day now and that's leading to further declines in yen pairs ahead of European trading. Mainland Chinese stocks are the only bright spot in the equities space so far after the PBOC continued to help talk up support for the stock market.
The rest of the major bloc remains tepid with the dollar also more or less kept in a tight range against most major currencies. Economic data releases today will not offer too much for markets to act upon so trading as we close out the week should center around the ebb and flows still.
