Sterling Supported on Transitional Deal
The pound has been given a major boost following the agreement on the transitional deal which was agreed yesterday by Brexit secretary David Davis and his EU counterpart Michel Barnier. GBP EUR rates broke through 1.14 before retreating slightly whilst GBP USD remains above 1.40 for the pair. Britain will effectively be able to access the single market but without being able to be involved in the rule making.
The gains are already proving somewhat limited however and there has been a political backlash from...
When shall I move?
Sterling Seller Strategy - GBP/EUR, GBP/USD and GBP/AUD
GBP/EUR – Sterling is suffering due to the uncertainty surrounding Brexit. One of the key points of negotiation is whether or not the UK financial sector will have access to the single market following Brexit. This is proving to be particularly difficult. Theresa May’s proposal was for the UK to continue to have access to the single market and to abide by the highest standards of international laws. This was declined by Brussels.
The French wish to attract...
Sterling Euro and the US Dollar – Data Today
The Spring Statement was released yesterday and this was received relatively well and this gave Sterling exchange rates a small boost vs both the Euro and the US Dollar.
One of the positive points was that he increased the growth forecast to 1.4%, which is slightly higher than what was predicted a few months ago. Hammond also commented that national debt would fall during this year and next.
In the next couple of weeks the EU summit is due to take centre stage and could be...
GBP Forecast – Will the Pound Continue to Gain in Value This Week?
Much of today’s focus centered around UK Chancellor Philip Hammond’s Spring Statement, which was predictably upbeat and bullish in its delivery.
The Chancellor signaled stronger growth, despite the on-going market concerns around Brexit, with UK Gross Domestic Product (GDP) forecasts upgraded from 1.4% to 1.5%. Whilst this was only a modest improvement, the government also expect borrowing to decrease throughout the year and inflation to fall back to their 2% target by 2019.
The Pound reacted positively throughout the day, making gains against most of the...
Sterling Exchange Rates Rally Close to 1.13 for GBP EUR
The pound continues to trade within a tight range as the markets still await new developments in the Brexit negotiations. The pound is currently trading at 1.1270 against the Euro and 1.39 against the US dollar having seen reasonable gains across the board today. Those clients looking to sell Euros for pounds have been presented with another good opportunity to convert. The focus is now largely on Brexit with the terms of the transitional arrangement expected to go through in the next couple of...
Sterling Exchange Rates Rally ahead of Expected Theresa May Speech
The Pound has rallied higher today against nearly all of the major currencies with good gains against the US Dollar. Rates for GBP USD have touched 1.40 earlier today. The surge in Sterling has come about following yesterday’s government meeting at Chequers which supposedly found unity within the government on its approach to the upcoming Brexit trade negotiations.
Reports are suggesting a slightly softer Brexit with no customs union which the markets are taking positively and has helped lift sterling. More will be offered next...
