The Dollar has been trading with a softening tilt. Sterling has been volatile on the back of Brexit-related news noise today, rallying quite sharply before falling back quite sharply. The drop came after EU’s chief negotiator Barnier dismissed an unconfirmed report that Germany’s Merkel was open to time-limiting the Irish backstop (which guarantees that an open border is maintained between Ireland and Northern Ireland), stating that negotiations will not be reopened on this front. Cable, after rallying by about 50 pips to a 1.3121 high, settled back around the 1.3070-80 area.
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