We’re now roughly around one month from the beginning of the formal invocation of the Brexit process.
Sterling’s current value against the Euro would suggest that the worst of the Brexit fears have subsided as the GBP to EUR exchange rate has climbed a good 5 cents since its lows at the back end of last year, and last month the UK Prime Minister, Theresa May outlined the UK governments Brexit plans which resulted in further Brexit strength due to the clarity her speech offered.
More positive news for the UK came last week when the Bank of England raised it’s growth forecasts for the UK for the second time in 3 month, which would also be a good sign for the Pounds value as time goes on.
Despite this positivity I think that those with a Pound to Euro currency exchange to make should be weary of the upcoming trade deal negotiations, as I think how they pan out and the comments surrounding them will determine the Pounds performance in the short to medium term future.
With a number of populist political parties gaining traction in Europe the EU will not want to appear soft on the UK, making the breaking away from the Eurozone appear easy, and therefore opening the door for a number of other key states. Key figures within Europe have already commented along these lines and I think we can expect to see this topic resurface over the next few months.
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