The Pound spiked upward in excess of 1 and a half percent during today’s trading session, after Theresa May gave a much-talked about speech which begun around 11.45am.
The key points to take from her speech are that the UK government will not be seeking full single market access, and they will be passing the final deal through Parliament.
The Pound was the best performer of all the major currency pairs in the wake of May’s comments, with the vision for how the UK will go about it’s Brexit now a lot clearer. Should the positivity continue in the following few days, I don’t think it’s unrealistic to see the GBP/NZD pair approach 1.75.
Uncertainty had been weighing on the Pounds value up until the speech today, but now that there’s more clarity regarding the Governments plans I wouldn’t rule out seeing the Pound turn a corner from this point onward.
Tomorrow morning will see the release of the UK’s official Unemployment figures and they will be released at 9.30am. I’m certainly not expecting this release to move markets in the way today’s speech has, but I think it”s worth monitoring in case the actual figure deviates from analysts expectations. Feel free to get in touch if you wish to be kept updated regarding economic news releases such as this one.
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