After gaining value versus the Euro earlier in the week the Pound has been sold off somewhat during today’s trading session, after some disappointing economic data was released this morning.
The Pound had been gaining in value since the UK Prime Minister, Theresa May outlined her Brexit plans on Tuesday. Currencies tend to struggle during uncertain times and the Pound had been experiencing this after some mixed messages from senior Brexit figures and a particularly ‘Hard Brexit’ biased interview May gave to Sky a couple of weeks ago.
May’s speech earlier this week gave the markets clarity and Sterling spiked upward off the back of May’s comments.
The next key topic of discussion is likely to be the Supreme Court decision on Tuesday, and the outcome is scheduled to be released at 9.30am. Markets are generally expecting to see the Pound fall if the Government is successful in their appeal, as a successful appeal would mean that the Government can begin the Brexit process when they want and without the need for Parliaments approval. This outline would be in line with a ‘Hard Brexit’ hence the expected Pound weakness.
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