After a brief fall for Sterling vs the Euro and US Dollar during yesterday’s trading session the Pound has already recovered this morning. After a leaked memo which showed the UK has little idea about its Brexit plan Downing Street has ‘wholeheartedly’ rejected the comments.
Prime Minister Theresa May is still insistent that Article 50 will be triggered by the end of March but owing to the recent High Court ruling this has stalled at least for the time being. The appeal is due to take place in December but the answer as to whether Article 50 can go ahead without parliamentary approval may not happen until January.
However, the good news for the UK and therefore Sterling exchange rates is that Angela Merkel has hinted at a key concession on free movement of people and that Britain could potentially retain access to the single market.
This has helped the Pound gain against all major currencies this morning and is seen as a sign that Europe is warming to potential negotiations between the UK.
Theresa May will be meeting with Angela Merkel in Germany on Friday and depending on how the talks go this could cause further volatility for Sterling Euro and US Dollar exchange rates. If they go well I expect to see Sterling make some gains against the Euro and the US Dollar.
Previously EU leader Jean-Claude Juncker has previously stated that access to the single market would be impossible but Merkel’s potential change of heart is clearly a good sign for the UK.
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