The Pound has remained in a relatively tight range against the Euro during the course of this week as the markets appears to be adopting a wait and see approach with next week’s EU withdrawal bill discussion.
Only recently the House of Lords voted against a number of terms in the bill and this will be debated on Tuesday and Wednesday next week. The main aim of the talks will be what happens to the Northern Ireland and Republic of Ireland issue as well as aiming to repeal the original European Communities Act of 1972.
The government are keen to get things resolved prior to the next meeting with the EU when the summit takes place on 28th June as the UK is keen to get things organised for once we officially leave the European Union.
The proposal is that on the day when we do leave, the UK will adopt all EU law otherwise things could be rather chaotic to say the least.
As we look forward to next week there are a number of economic data releases due out in the UK. On Tuesday morning UK average earnings as well as unemployment data is due out and both have been rather positive lately so this could provide a boost for the Pound.
However, the EU withdrawal bill is likely to dominate the Pound during next week so even if the data is positive I think any gains for Sterling vs the Euro will be limited.
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Tom Holian [email protected]