More of the same for Sterling
28 June, 2018
Yesterday again saw no surprise in exchange rate movements, with more of the same sideways trading. GBP-EUR rates danced within a 20 pip range for the majority of the day, while GBP-USD rates took a dip in the mornings trading and continued to do so into the afternoon, losing around half a cent by close of the day.
Today is the start of the next stage in the negotiations as the European council hold meeting over the next two days. The meeting is supposed to start the process of confirming the final terms for the UK’s withdrawal from the European Union. There is still plenty yet to be agreed on, and the uncertainty is set to continue and the same questions still need answering. Will the UK be allowed to remain part of the single market for Good’s only? Given Michel Barnier’s previous comments that the UK cannot ‘cherry pick’ would suggest not. With only 274 days to go before the 29th March deadline, our government are going to have to work quickly to ensure the UK gets a good deal in time to avoid having to extend or delay an exit, which could be very damaging for our currency.
With Brexit talks likely to take centre stage once again, we could well start to see exchange rates react, so if you have a currency requirement due, stay in touch with your account manager to be kept informed of any swings and changes in the rates which could be costly to you. Our Limit and Stop loss orders could come in useful in the days ahead. It’s a great tool to help protect you and avoid the risk of rates dropping below your affordability.
In the day ahead, we have a variety of release our for the EuroZone although most are non-market movers, then this afternoon we have some releases for the US in the form of Jobless claims, GDP and Personal Consumption Expenditure, as well as a few speeches from Fed members. So with quite a bit to look out for, stay in touch with your account manager should you have an upcoming transfer to make to be kept well informed of today’s movements.
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