The pound edged higher on Thursday on the back of reports that the UK was preparing its own backstop deal to guard against the risk of delays in the Brexit negotiations that might see the country simply crash out.
Moves in the commodities space were muted on Thursday, despite the news headlines around oil after Brent crude futures topped the $80 per barrel mark for the first time since 2014.
A warning from the head of France's Total that it will stop development of a key Iranian gas field has pushed oil prices back above $80 a barrel for the first time since 2014.
It was back to square one for Sterling on Tuesday - or nearly - as stronger-than-expected readings on US retail sales and on a key factor sector survey in the States boosted Treasury note yields.
Commodities were broadly lower on Tuesday, but not by much, despite a sharp move higher in the value of the US dollar that took it to its best level in six months.
Sterling weakened after the Monetary Policy Committee surprised economists who were expecting a 'hawkish hold' on policy, by cutting its forecasts for near-term growth in the UK economy and for inflation.
Losses in agricultural commodities and some energy contracts were the weakest segments of the market on Thursday as they gave back ground despite the weaker US dollar.
Sterling came under renewed pressure at the start of the holiday-shortened week, on Tuesday, as the UK's foreign minister, Boris Johnson, took aim at Westminster's plans for a customs union with the European Union post-Brexit, labeling them "crazy".
Commodities were on the back foot on Tuesday as the Greenback climbed higher and traders took profits after a recent run-up in crude futures ahead of the White House's decision on the Iran nuclear deal due later in the session.
Given that most silver is a by-product of mining for copper, gold, zinc and lead, analysts at Capital Economics believe that higher prices for industrial metals will see silver output bounce back by 3% in 2018 after a fall of 4% in 2017.
Sterling's rout against the US dollar was broken by technical support at its 200-day moving average, even as analysts pushed back their forecasts for the next hike in Bank Rate to August - at the earliest.
Agriculture was again the strongest segment of the market on Thursday, against a backdrop of slight US dollar weakness.
Commodities were lower across the board on Tuesday, as traders bid the US dollar higher ahead of the Federal Reserve's policy announcement due the next day, amid a cacophony of headlines related to the ongoing trade disputes around the world.
Sterling finished the session only slightly weaker, despite early sharp selling on news of Home Secretary Amber Rudd's decision, at the weekend, to stand down from her post.
The 12 May deadline set by the White House for it to decide whether the US will remain in the Iranian nuclear accord reached by the previous administration came into sharp relief on Monday, as Israel accused Tehran of having lied about its nuclear ambitions.
(WebFG News) - Sterling slipped further on Wednesday, weighed down by a further move higher in US government bond yields, against a backdrop of negative reports surrounding Brexit, including a threat from the DUP to topple the government in Westminster if Northern Ireland is not accorded the same treatment as the rest of the UK.
(WebFG News) - Agricultural commodities were sporting the biggest gains on Wednesday evening, paced by gains in wheat amid talk of a bad start to Russia's spring harvest.
(WebFG News) - Weaker energy quotes weighed on the wider commodities complex after French president Emmanuel Macron proposed negotiating a new deal with Tehran, in order to help contain its nuclear programme and in a bid to keep Washington on board.
(WebFG News) - Traders sold metals' futures with a vengeance after the US softened its stance on sanctions against United Co. Rusal.
Sterling clocked in with broad-based gains ahead of the start of talks between Westminster and Brussels on the UK's post-Brexit trade relationship and ahead of Tuesday's February employment report.