The Pound has broken past 1.32 against the US Dollar during this morning’s trading session as it appears as though the Brexit date might well be extended past 29th March according to Prime Minister Theresa May.
Theresa May has once again delayed the next vote and this has now been planned to take place on 12th March so the time is ticking and we are just 31 days away from when the UK is due to officially leave the European Union.
Labour appears to be backing a second referendum and although this is likely to upset a lot of Labour supporters, who initially voted in favour of Brexit, it has really supported the Pound. Sterling is now trading at its best level versus the US Dollar since the end of January and I think this trend could possibly continue.
There also appears to be appetite for another vote, with Theresa May promising MPs a vote on ruling out a no-deal Brexit or even delaying the UK’s departure post end of March if they are not happy with her deal when it will be offered on 12th March.
This has given the Pound a real boost against the US Dollar and with the chances increasing of an extension this could give the Pound even more support against a number of major currencies including against the US Dollar.
Federal Reserve’s Powell to offer Fed’s current view of US economy
This afternoon US Fed Chair Powell is due to testify in front of Congress covering the current view of the Federal Reserve on the US economy. Having recently kept interest rates on hold and potentially keeping the same monetary policy in the short term if his comments suggest there will be little or no change coming then this could provide a further gain for Pound to Dollar rates.
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