Yesterday morning Theresa May, the UK Prime Minister set out a clear and realistic plan for the UK’s Brexit, which is likely to begin at the end of March this year.
Many had expected to see her give a ‘Hard Brexit’ leaning speech and the Pound had lost value in the lead up to her comments, but when she announced that the UK Parliament will be having a final vote on the Brexit deal the markets welcomed the news and the Pound rallied.
It is now clear that the UK will not remain a member of the EU’s single market, as it would be impossible for the UK to abide by the EU’s rules whilst also going down the Brexit route voted for by the UK electorate.
The GBP/CHF pair has gained roughly around 2 cents since the speech although over the past month the Pound has lost close to 4% against the Swiss Franc as Brexit jitters have really weighed on the Pound’s value.
The Swiss Franc itself has also been benefiting from high demand as investors have been moving funds into safe haven currencies such as CHF and JPY, in anticipation of UK President-Elect Donald Trumps inauguration this Friday.
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