Now I've had a bit more time to look around there's more than the Telegraph story going on today.
I thought that the drop in the pound gave too much credit to the poll story. A quick mooch around the news today and there's plenty more reasons why it's under pressure. Here's some of the other headlines that have hit today;
- EU's Jonathan Hill (commissioner for financial services) in France's Le Figaro says Brexit will create a great deal of uncertainty for firms and Brexit supporters are wrong to think trade will not be disrupted
- The chief investment manager of pension fund PGGM says that Brexit could be a shockwave to the market. PGGM oversee assets of around €183bn
- Eurostar's CEO says that it may be harder doing business after a Brexit
- A latest Bloomberg survey has economists reducing the UK's 2016 growth forecast to 2.0% from 2.2%. They also say the chances of a BOE rate cut have increased to 23% from 10% last month
There's no news that has singularly lead to the moves in sterling, it's more that they are all weighing and causing sentiment to turn negative. When that happens the market just gets to the point where it sees more :-( than :-) and that becomes enough to get folks reducing positions.
Alongside the central bank events this week we also have the Chancellor's budget and latest jobs data on Wednesday. The budget can be a pound mover but there's always a lot of details and spin to chew through. The jobs report will be bigger as it might lead to some last minute expectation adjustments into the BOE, not for any action but for the dovish/hawkish message from the MPC.
