The ongoing effects of the UK electorate’s Brexit vote is once again in the headlines this morning, and for very relatable reasons.
Tesco as it stands has fallen out with a major household product supplier called Unilever, who provide everyday goods. The reason behind the deterioration in their business relationship is due to the depreciating Pound pushing up the prices of a numebr of household goods.
As it stands customers are unable to buy a number a household goods online, such as Marmite, Hellmann’s mayonnaise, Pot Noodles, Lynx and PG Tips amongst other major brands.
Personally I think this could be just the beginning of a number of price wars created due to the Brexit votes effects, with petrol likely to gain in value also over the upcoming months.
Another major lender has announced this morning that they expect to see the GBP/EUR pair continue to decline over the coming months down to 1 for 1 and that’s at the mid-market inter-bank level. Many holiday goers are already experiencing these levels as a number of bureau de changes are already offering less than 1 Euro for a Pound as their rates are generally very noncompetitive.
There is little to no economic data out of the UK this week so we can expect to see headlines such as this mornings to continue to drive Sterling exchange rates this week, as has been the case for much of this year.
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