The Pound started off the week on the back foot against all majors today following the announcement over the weekend from number 10 that we the U.K would have invoked article 50 by the end of March 2017.
It does appear that Britain may be heading for a ‘hard brexit’ which may be more focused on controlling immigration and law over being involved in the single market.
This news has been taken badly by investors and speculators and this has indeed led to the Pound dropping away and well and truly falling out of fashion.
On top of this we also have an increased probability that we may see further stimulus from the Bank of England which also is seen as a negative for the Pound too.
A lot now really hangs on how economic data comes out in the next week or so as we start to see the release of data from September.
U.K Construction data is released tomorrow morning followed by data from the services sector on Wednesday, both have quite an impact on the overall growth figures for the U.K economy so may set the scene for the coming weeks.
I actually still feel that the result of the referendum has not hit as hard as many had thought it would so I would be surprised to see anything dramatically terrible but it would still be sensible to keep a keen eye on the markets at 09:30am over the next two days.
On top of this we have the RBA interest rate decision overnight tonight and the Deutsche Bank issue which is sure to remain ongoing.
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