Foreign Exchange Daily Market Update 06/12/2016

Tue, December 06, 2016

Pound Continues Rise Against Dollar Although PM May Faces Revolt

Theresa May is facing a rebellion from lawmakers in her Conservative party who want her to stop hiding her plans for the exit from the EU.

So far all the PM has stated is that she will trigger exit talks by the end of March, when she formally notifies the EU that Britain is leaving the bloc, under Article 50 of the Lisbon treaty. She reiterates on keeping her negotiating position hidden despite calls for transparency from business leaders, European politicians and now her own members of parliament.

It emerges that as many as 40 members from the Conservative Party may be prepared to vote with the opposition Labour party, which is putting forward a motion demanding that May promises to publish an outline for Brexit before beginning formal negotiations.

The Pound continued to rise against the Dollar, advancing to 1.2753. Sterling fell against the Euro to 1.1834.

Data to look out for today.

Not Much Data Out Today

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PRESS RELEASE

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