Brexit Exchange Rates Latest
14 September, 2017
With the fourth round of negotiations postponed until the 25th September, Theresa May is set to travel to Florence. There she will give a speech on the 22nd September, which has been described by Guy Verhofstadt as “important intervention”. The speech will largely be about the UK’s future partnership with the EU, following Brexit in 2019.
With the backdrop of the new Jane Austen inspired £10 note, Philip Hammond also hinted the government will organise a bespoke deal with the EU protecting the city of London. The capital has recently retained its number one position as top financial centre after a survey by GFCI. It had been feared that the capital would lose power and influence following the Brexit vote. With London extending its lead over New York, the opposite is true. Will post Brexit ecxhange rates worsen or improve?
Yesterday’s Eco stats
We saw at 9:30am yesterday unemployment levels in the UK at their lowest since 1975. This continued to boost the Pound against the Euro (6 week high) and the USD (12 month high). This was tempered however by “real wages” continued to fall – seemingly more people in work on lower wages. Despite an early drop of half a cent against the Euro, the Pound clawed back the losses over the day’s trading. By 5pm levels were back where they had begun. Industrial production in Europe and PPI inflation from the US both came in under expectation further garnering sterling strength.
For those of you looking to send money to Australia, levels dropped ¾ cent in the early hours but have rallied. This was due to positive (un)employment data announced at 2:30am. The big news from the UK will be results of the BoE interest decision, vote and minutes. With inflation rising due to increasing costs of imports due to a weak Pound, will this change the vote? Expect a certain amount of movement around 11am when the results are published! Jobless claims and consumer inflation from the US round offs the major data releases for today.
The recent strength of the Pound has been seen a short term ascent, despite overall falling Brexit exchange rates. With this in mind, it may be worth thinking of locking in a rate for a future date, if your currency requirement is some way off.
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