All eyes on on the Pound this morning as in the next 30 mins or so, the UK governments Brexit plan will be a lot clearer.
As it stands, the government wishes wishes to formally begin the Brexit process at the end of March this year, but towards the end of last year the High Court ruled that the UK government require parliamentary approval before they can begin the process.
This ruling was immediately appealed by Theresa May’s government through the Supreme Court, and at 9.30am the decision will be announced and we’re expecting to see volatility within Sterling exchange rates.
Many have predicted Sterling weakness in the wake of a successful government appeal as it will bring the Brexit forward, whereas many are expecting Sterling strength if the government is unsuccessful.
In the lead up to today’s decision the Pound has been boosted after May gave clarity to the Brexit plans moving forward last Tuesday. Uncertainty usually weighs on the underlying currency in question so a clearer picture for the pound moving forward has ease investors fears. I think it will be interesting to see if the Pound loses it’s recent gains after today’s ruling.
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