T: 01442 892067
The Pound staged a slight recovery over Monday’s trading session showing modest gains against the Euro, US Dollar and the majority of the major currencies.
Starting the day’s session in the high 1.13’s and the low 1.22’s against the Euro and Dollar respectively, finishing the day roughly half a cent higher against both currencies.
You can see the day’s movements on the graphs below.
GBP/EUR exchange rate graph
GBP/USD exchange rate graph
Article 50 Finally Finalised?
Negotiations were ongoing yesterday between the House of Commons and the House of Lords to finalise the remaining issues with the UK’s Brexit bill and triggering of Article 50. The bill is passed between both houses and once they have agreed on the final draft it will be sent off for royal assent, the Queen giving her approval on the act, and then it will be down to Theresa May to begin her role of the UK leaving the EU. There has been talk that this could be agreed as early as Monday night giving potential to Article 50 being triggered as early as today.
However late yesterday evening the bill was passed by both houses giving Theresa May the power to trigger Article 50. Brexit Secretary David Davis said last night ‘Parliament has today backed the Government in its determination to get on with the job of leaving the EU and negotiating a positive new partnership with its remaining member states. So, we will trigger Article 50 by the end of this month as planned and deliver an outcome that works in the interests of the whole of the UK.’
Scottish Referendum Part 2
Nicola Sturgeon has announced that she will be making plans for a second Scottish referendum and will be seeking the go ahead from the Scottish parliament soon. She has stated that she would like the vote to be held between Autumn 2018 and Spring of 2019 which would be around the same time the UK should be finalising negotiations of leaving the EU.
She said that “I will take the steps necessary now to make sure that Scotland will have a choice at the end of this process. A choice of whether to follow the UK to a hard Brexit, or to become an independent country able to secure a real partnership of equals with the rest of the UK and our own relationship with Europe.”
Get in touch
If you have an upcoming currency requirement and are concerned about the upcoming political events and what affect they will have on your budget get in touch with one of the knowledgeable currency brokers at Foremost Currency who will gladly listen to your requirement, explain the services and tools that we have on offer here and then put a plan together for you which will help you make the most out of your currency purchase. Get in contact on the details below or click here to open a free no obligation trading facility.
Another quiet day on the data front from the UK with nothing to note released. The Eurozone will publish some minor data points this morning which shouldn’t affect markets too much. In the Afternoon the US will release their M/M PPI figures which are expected to drop from the previous reading, any deviation from this would affect USD crosses. Keep a look out for any political news from the UK, Eurozone or the US as, at present, these are the biggest market movers and can have the largest effects on exchange rates.
T: 01442 892067