The Pound has started the week off against the Euro where it left off from Friday evening. Little has changed over the weekend and as yet there has been little news from the EU summit to move the markets.
The next meeting to discuss the Brexit process will take place on Friday when senior ministers in the UK will meet at Chequers.
According to some reports Downing Street has produced a third model concerning the customs deal for when the UK leaves the European Union.
This has so far caused a lot of problems with the Tories but Theresa May hopes that Friday’s meeting could resolve any outstanding issues within the party.
A white paper is due to be published after the meeting which will cover ‘in more detail what strong partnership the UK wants to see with the EU in the future.’
The EU summit did little to push things further and with the final agreement set to be arranged by October it appears as though time is running out and this is causing uncertainty for Sterling exchange rates.
Turning the focus back to what is happening economically both here and on the continent we see the release of Eurozone Retail Sales data due out on Tuesday morning.
Last month UK Retail Sales came out much better than expected in part owing to the improved weather recently so if the Eurozone publishes some strong figures tomorrow we could see GBPEUR exchange rates move in a negative direction.
There is little other economic data due out this week for both the UK and the Eurozone so all eyes will likely to be focused on what happens with the meeting at Chequers later this week.
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