Well we’re moments away from the starting gun being fired to begin Brexit negotiations, but the rate is moving in the favour of anyone holding Sterling, meaning Pound to Swiss Franc rates of exchange have seen a net improvement today of almost a cent.
Why the rally? Well the atmosphere surrounding the upcoming triggering of Article 50 has created is more positive than we have seen in the past. Furthermore, Article 50 is not being seen in the same vein as the Brexit vote itself last June, given the long expectation that the Article would be triggered before the end of March.
Where is the positive tone coming from? Frankly the ‘game changer’ has been the kinder tones coming from the Eurozone side of the negotiations across the Channel.
Last week members of the Eurozone met at the EU council, and the Head of the EU negotiating team, Michel Barnier, gave a few stern words to the Council in a bid to alter their mentality heading into the negotiations.
He implied that we should not be entering into the negotiations in an attempt to punish the UK, as a ‘no deal’ scenario would play into the hands of some over there who want a complete split from the Euro, and stressed the benefits of a constructive negotiating process.
But we do have the vote tomorrow in Scotland covering whether they will formally apply for another Scottish Referendum soon. The response from the government will likely govern Pound to Swiss Franc rates heading into the triggering of Article 50 the next day.
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