Improvements for the Pound
27 January, 2017
Following the Supreme Court ruling on Tuesday that Brexit plans must go to a Parliament vote before they can go ahead has allowed the Pound to make some small gains and as the day progressed we saw the Pound gain almost a cent against the Euro throughout the trading day.
This mornings gain could have been down to negative German IFO business sentiment figures, and in the afternoon we saw the pound continue to improve. Maybe down the Teresa beating Corbin to the punch during PM’s questions, announcing that the government will be publishing a formal white paper setting out their plans for leaving the European Union, giving parliament every opportunity to scrutinise.
Tomorrow afternoon Theresa May is set to meet newly inaugurated President Trump, making her the first foreign leader to meet him. They are scheduled to talk about the countries future trade relations, among other topic and comments raised during their meeting could cause some further movements in the rates, and provide an indication of how the UK plan’s to set out trade agreements with the US.
This morning, the day kicks off with UK GDP at 9:30 which is expected to retract, Italian Retail sales figures at 10:00. In the afternoons focus shifts to the US with Initial Jobless Claims at 13:30, Markit Services PMI at 14:45, CB Leading Indicator and New homes sales due at 15:00. Overnight the Asian markets open, Japan will release their National CPI data, Unemployment rate and overall household spending.
With Brexit talks back in the forefront and Article 50 still due to be initiated by March, there is certainly a lot that could happen in the future that could move rates back down. With GBP-EUR at the best levels we have seen in just over two weeks and GBP/USD at its best since December, thanks to New President Trump’s first week in office and making headlines, now could be a prime opportunity to secure your future requirement ahead of needing it. Protect yourself against market exposure by securing your currency with our Forward contracts, paying just 10% of your requirement upfront and the remaining balance on your chosen settlement date.
Get in touch with one of the friendly CI team today to discuss your options and get more information on how we can further assist you in your currency transfers on 01923 725725.
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