Posts Tagged ‘Sterling’
Merkel’s election setback
STERLING GBP/USD broke below 1.28 on Friday to its lowest level since August 20th as Brexit related uncertainty took its toll. Reports on Friday suggested that inter-cabinet talks had stalled in the UK as lawmakers cannot agree on how to proceed in negotiations. Chancellor Hammond will deliver the Budget at 3:30pm today for the last…
Read MoreEU juggling Brexit and their Italian counterparts
STERLING Sterling fell sharply last week in response to weaker than expected CPI and retail sales data released on Wednesday and Thursday respectively. GBP/USD reached a two-week low on Friday at 1.3068 before rising into the weekend on positive Brexit headlines, but is on the back foot today amid reports that Prime Minister Theresa May…
Read MoreCrucial week ahead for Brexit negotiations
STERLING Sterling has kicked off this week as the weakest G10 currency after an alarming lack of progress in Brexit negotiations over the weekend. Discussions have now been paused while both sides are said to have stepped up no-deal preparations which sent GBP/USD back below 1.31 to a low of 1.3082 this morning. The troublesome…
Read MoreBrexit deal to happen this quarter, according to the EU
STERLING GBP/USD dropped back below 1.31 this morning having crept up to its best level since September 27th overnight at 1.3134. Sterling has failed to derive much support from a raft of Brexit related press over the weekend, including comments from EU Commission President Juncker who said the chance of a Brexit deal has risen…
Read MoreEU leaders ready to give Barnier mandate to close Brexit deal
STERLING Sterling hit a three week high versus the Euro on Friday (GBP/EUR at 1.1211) after EU Brexit Minister Barnier struck a notably more conciliatory tone on Brexit negotiations. There has also been reports over the weekend that the EU are preparing to give Barnier a mandate to get a deal done. Reaction to this…
Read MorePressure increases on UK PM May as critics tear into her Brexit strategy
STERLING Sterling has begun the week as the G10 underperformer after Brexit related uncertainty intensified over the week – EU Brexit Minister Michel Barnier has been highly critical of Prime Minister Theresa May’s Chequers proposal. However, the PM insists she will not allow compromises to her Brexit strategy, vowing the nation’s interests must be adhered…
Read MoreMay says no-deal Brexit “not the end of the world”
STERLING GBP/USD has edged above 1.29 today although any upside in Sterling is likely to remain limited by a lack of progress in Brexit negotiations. The UK government unveiled the impact of a no-deal Brexit last week but officials still maintain they expect to reach an agreement with the EU. Looking ahead, UK house…
Read MoreThis week sees three major central bank meetings
STERLING GBP/USD reclaimed 1.32 mid-week, supported by stronger than expected UK data (mortgage approvals and CBI) and Prime Minister May’s decision to take control of Brexit negotiations. However, losses followed on Thursday after EU Brexit Minister Michel Barnier rejected a key aspect of the UK’s customs plan. Investors are now eyeing Thursday’s Bank of England…
Read MoreBrussels rejects UK’s Brexit proposal
STERLING After the EU rejected Prime Minister Theresa May’s Chequers plan for Brexit last week, May is being urged to look further afield and create world trade deals that could boost the UK economy by £80billion a year. Further, Brexit Secretary Dominic Raab has stated that if the EU do not agree to a…
Read MoreTrump vows ‘great’ post brexit trade deal with UK
STERLING Justine Greening, the former education secretary, has said the idea of a second referendum on Brexit would be supported by senior Tory MP’s. According to Greening, Prime Minister May’s Brexit whitepaper ‘’suits no one’’ and would be rejected by both remainers and leavers. Brexit and the accompanying political uncertainty weighed on the pound last…
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