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Article 50 to be triggered today and the impact on the Pound (Tom Holian)
At around 1230pm today the UK will officially confirm that we will be leaving the European Union when Prime Minister Theresa May gives notice to European Council president Donald Tusk.
The letter which is expected to be delivered at this time is then likely to cause volatility later today as the markets react to every word spoken by Theresa May when she gives us her statement.
We are then opening the door for negotiations to start and as yet we have seen little negative movement for Sterling this morning which is why I think we’ll see more movement for Sterling vs the Euro later today.
Overnight Scottish parliament has voted for a second referendum with 69 votes to 59. This caused the Pound to struggle overnight with a cent fall compared to yesterday’s high of the day.
With so much happening politically in the UK at the moment there is room for volatility to occur over the next month with the EU summit due to take place on 29th April.
Prior to this we have got the French elections starting on 23rd April and with Marine Le Pen gathering support this could cause further problems longer term for the single currency.
However, in the short term the uncertainty of what may happen once Article 50 has been triggered is going to cause problems for the Pound as uncertainty for a currency often results in weakness.
At the moment the Interbank level lies at 1.15 so the question is how long will this last?
Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am able to offer you bank beating exchange rates.
If you have a currency transfer to make involving buying or selling Euros then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]
Source: http://www.eurorateforecast.com/2017/03/29/article-50-to-be-triggered-today-and-the-impact-on-the-pound-tom-holian/
