Pound to Euro exchange rates took a tumble on Friday this week in the hours before the closing bell.
Heavy anticipation and anxiety with the upcoming triggering of Article 50 has been seen as the root cause for the gradual decline in the Pound’s value against its counterparts.
Financial institutions and investors getting nevous have been relieving their portfolio’s of Pound’s in a steady and fairly calm manner given that the atmosphere is British politics is anything but.
Theresa May’s statement that Brexit could be triggered as early as next Tuesday was enough to turn what was a gradual decline for Pound to Euro exchange rates into a full blown rout.
After two months where the Pound only moved a few cents between it’s best and worst day against the Euro, we have seen the same such movement in just a week. This volatility seems set to exaggerate.
Whilst Theresa May did say it could be triggered in a short period, this was likely a call to action for MPs to ignore the demands from the Lords for an Amendment to the Article 50 Bill to be passed.
We’ll see on Monday how this features in reality, we’ve come to expect surprises.
Furthermore, the elections in the Netherlands are this week. The results will be coming in and hit markets in the early hours of Thursday. Will a result which bolsters an anti-EU candidate weaken the Euro’s recent run of good fortune?
Polls have consistently underestimated the anti-estblishment candidate. In other words, Euro sellers shouldn’t get complacent at this point that rates of exchange will continue to roll in your favour.
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