"All Brexit scenarios remain in place", says BlueBay AM's Mark Dowding

While Spain could use Brexit turmoil as election leverage, the outlook for sterling turns complex as all Brexit scenarios remain in play. Government bond yields were little changed during the past week, with robust US consumer and investment data offset by a benign picture with respect to CPI inflation.  Last week's payrolls report suggests some modest acceleration in wages, yet with growth robust and margins strong, there is little evidence of this feeding through into broader price pressure at this point - even if we should observe inflation starting to move a little higher in comin...