The Pound has made some small gains vs the Euro during yesterday’s trading session after Prime Minister Theresa May’s reshuffle of her cabinet in order to make sure things are ready to proceed for the next stage of the Brexit negotiations.
The main protagonists of the Conservatives are still in their positions including Foreign Secretary Boris Johnson as well as Chancellor Phillip Hammond.
However, one of the biggest changes was the Brandon Lewis who has been appointed as the new head of the Conservative Party.
As well as a few political changes there are a number of different economic data releases due out this week for the UK which could impact Sterling Euro exchange rates.
Both Industrial and Manufacturing Production data are due out and owing to the low value of Sterling in recent times we could see some strong data released in the morning.
UK Trade Balance data is also set for release and I think we could also see another positive announcement which could potentially send Sterling in an upwards direction vs the Euro which is good news for anyone looking to exchange Sterling into Euros.
Turning the focus briefly back to the impact of Brexit a lot of people think the news is negative for the UK and yes in part that is true but what is interesting is the effect this will have on the European Union as a whole.
European Commission Chief Michel Barnier has suggested that with the UK leaving there will be a black hole of approximately €12bn and this fall in the budget will need to come from somewhere.
Indeed, the Eurozone economic data published yesterday came out much better than expected but Euro weakened against both the Pound and the US Dollar.
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