European pre-market: Pound softer as Brexit drama continues to drag on

The pound is weaker to start the week but the setback is not as bad as feared

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When put into context of last week’s 2.5% rise in cable, the drop in the pound at the start of trading this week isn’t really that much.

The currency pair is down to ~1.29 currently as the pound is dealt a blow after Johnson’s Brexit motion was put off after UK lawmakers passed the Letwin amendment instead.
That has seen Brexit optimism suffer a bit of a dent but hopes of a deal haven’t quite hit the reset button yet amid more twists and turns set to follow.
Other major currencies are holding more steady so far today with risk sentiment also displaying little poise to go chasing in any one direction for now.
Looking ahead, it’s still all about Brexit and the pound as we move towards European trading so expect more headlines/rumours to follow over the coming hours.