The pound is at the highs of the day
Cable continues to climb on the heels of today's upbeat PMI. It sank back down to 1.3080 on the US PMI but has impressively rebounded to the high of the day at 1.3140, rising above Friday's high on the process.
Aside from the data, another reason for optimism is that support appears to be coalescing around a customs union 2.0. That would violate several of May's red lines but it might give her a way forward. It's also a proposal that wouldn't undermine the UK economy or create uncertainty.
It's expected to be one of the four options selected for indicative votes, along with another referendum. We're waiting for a decision on which options to select from Berkow.
