The Pound has once again had another positive day vs the Euro hitting the best rate to buy Euros in 5 weeks.
The Pound has felt the positive effects of yesterday’s Brexit news whereby a transitional deal has supposedly been agreed but at the same time the UK has been forced to make a series of concessions in order to get things agreed.
The good news is that the transitional period, which is between March 2019 and December 2020 has given the UK some stability and this news has given big businesses a boost after concern about ‘falling off a cliff edge.’
The one sticking point is what will happen with the Irish border issue which has still yet to be fully sorted.
Tomorrow morning the UK will release the latest set of UK unemployment data which is close to the lowest on record.
Typically this is good news but at the same time we also have the latest release of Average Earnings which have been struggling to keep up with inflation.
However, with inflation falling to 2.7% as confirmed with this morning’s official figures then I think a rise in wage growth tomorrow could provide the Bank of England some support in favour of raising interest rates in May which could give the Pound a lift against the Euro tomorrow morning.
Arguably, the biggest event of the week will come when the EU summit takes place starting on Thursday. The key topic will be that of Brexit and in recent meetings there have been a number of false dawns for sterling so could this be another one?
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