Those that watch the Sterling to Euro exchange rate closely will be aware that Brexit related news is the biggest mover of the pair.
Sterling exchange rates across the board have been driven by sentiment for pretty much the whole year. Initially we saw some big movements leading up the day of the actual vote based on polls and significant comments by key political figures, and since then the likely plan of action for the UK actually beginning the leaving process has driven Sterling exchange rates with talk of a ‘Hard Brexit’ weighing heavily on Sterling’s value at times this year.
The relationship between GBP and EUR has been particularly driven by the Brexit vote, and today was no different after David Davies, the Brexit Secretary hinted that the UK is prepared to make a monetary contribution towards the EU to ensure the UK retains access to the single market.
Although he didn’t offer any details sentiment towards the UK was boosted and Pound hit it’s highest level for almost 4 months.
Today’s comments indicate a Softer Brexit which was behind the boost in the Pounds value. Feel free to get in touch if you wish to be kept up to date with Brexit related updates.
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