The House of Lords have now begun their two day debate to look at the Brexit bill but the likelihood is that we will not see any change to that already voted for by the public last June.
The House of Lords will look at the bill from the House of Commons and although it is unable to prevent bills being passed it can delay things and ask the Commons to reconsider their stance.
Sterling exchange rates have picked up since Friday’s losses as it appears as though the approval will be just a matter of time and this could help the Pound to make some gains vs all major currencies.
We should have the final outcome by Tuesday evening and this could help the Pound to make gains if there is no obvious challenge.
In the meantime there is speech due by Bank of England governor Mark Carney tomorrow morning and if last week’s poor economic data is highlighted by Carney that his previous predictions concerning Brexit are coming to fruition his speech could be rather dovish and this could see the Pound wobble against both the Dollar and the Euro.
Arguably Wednesday morning could see some very large movements for Sterling vs the Euro as we will have had the news from the House of Lords. This will be closely followed by UK GDP for the fourth quarter as well as Core Inflation in the Eurozone.
Last week clearly economic data started to affect the markets again so I think Wednesday will be key for the next trend for Sterling Euro exchange rates.
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Tom Holian email@example.com