The Pound has dropped against the Euro again this morning after the start date for the Brexit was announced yesterday afternoon.
Although it has not come as a shock, the UK government has announced that it intends to activate Article 50 on the 29th of March, next Wednesday. The currency markets were relatively unmoved in the wake of the announcement as UK PM, Theresa May had previously outlined her plans of invoking Article 50 at the end of March. With this in mind the Pound still dipped slightly in the wake of the news and that downward trend has continued this morning as GBP/EUR is now trading below 1.15 at 1.1475, after hitting lows of almost 1.1450 earlier this morning.
Personally, I think that the Pound would have seen a boost had there of been further delay’s to the triggering of the Brexit, but now that there is more certainty surrounding the UK’s path moving forward I think we could see the Pound stabalise and should trade negotiations begin well I think the Pound could climb.
This morning will offer the Pound a chance to gain as a key economic data release will be coming out at 9.30am. The Consumer Price Index will be released for February and the expectation is for a figure of 2.1% to be released on an annual basis. If inflation comes out higher I’m expecting to see the Pound climb as it will increase the chances of an interest rate hike from the Bank of England.
If you are planning to make a currency exchange involving the Pound and the Euro, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
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