It has been an action packed 48 hours for GBPEUR exchange rates with Central levels of exchange fluctuating two cents. The rise in exchange rates came from Sir Ivan Rogers comments that Senior EU leaders believe Theresa May is bluffing and will eventually back track to stay part of the single market. This boosted investor confidence and the pound rose in value.
Wednesday evening, MPs within the house of commons voted that Theresa May could start Brexit negotiations within Parliament. This means in the upcoming weeks MPs will debate the publication that Theresa May released yesterday. To make it clear this does not mean Theresa May has the approval to invoke Article50 in March.
Yesterday was Super Thursday for the UK and this is when the Bank of England release their latest interest rate decision, minutes from the latest interest rate decision, quarterly inflation report, , update to the asset purchase program and this is followed up by a speech from Governor of the Bank of England Mark Carney.
It was widely anticipated that Mark Carney when he delivered his speech just after midday, would hint towards an interest rate hike if inflation continued to rise however this never materialised. Off the bank of the interest rate decision the pound dropped like a stone.
An hour or so later Theresa May published her white paper and most of the information we already knew. However Theresa May did state that she wants the UK to cooperate on regulation of financial services and elements of single market membership are still on the table. Leaders within the European Union have made it clear that Theresa May cannot pick and choose therefore the bill did not help the pound recover against the euro.
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