FX Update: The pound has come under modest pressure
FX Update: The pound has come under modest pressure at the open of the London interbank market, with markets reacting to UK Prime Minister Johnson remarks on Brexit, that he did not wish "to elevate excessively the belief that there will be a New York breakthrough," referring to the meetings he has scheduled this week with various EU leaders and officials at the UN General Assembly in New York. Johnson added that there has still been "a great deal of progress" in discussions with the UN. Cable has dipped under Friday's low to a 1.2443 low, putting in some distance from the two-month peak seen on Friday at 1.2582. Sterling has also edged out some gains versus the euro and yen. Markets are also waiting on the judgement of the UK's Supreme Court (today or tomorrow) on Boris Johnson's controversial move to shut down Parliament for a five-week period, with the government having appealed a ruling by Scotland's highest court that the move was illegal. Analysts suspect, although this is by no means a certainty, it will agree with the recent court rulings seen in England and Northern Ireland, that the matter was "non-justiciable" -- being political rather than a legal matter. Elsewhere, currency markets have seen little directional impulse, with early-week conditions having been especially thin in Asia with Tokyo markets closed. EUR-USD has been lodged around 1.1010-20, consolidating declines seen on Friday from levels above 1.1050. USD-JPY ticked fractionally higher at the Tokyo before settling around the 107.70 mark. AUD-JPY saw a similar price action, though remains down by nearly 2% from week-ago levels, reflecting risk aversion due to ratcheting-up Mideast tensions.