Foreign Exchange Daily Market Update 04/12/18

Tue, December 04, 2018

Pound rises as Brexit process is reversible if article 50 is triggered.

Sterling rallied after an adviser to the EU’s top court suggested that Britain should be allowed to reverse its notice to leave the Euro zone.

Sterling reversed three days of losses after the non-binding opinion from Sanchez-Bordona of the EU Court of Justice, said “the possibility continues to exist” to annul the article 50 notice until the U.K.’s withdrawal agreement is formally concluded.

Sterling has taken the news on article 50 well.  Sterling had been trading on the soft side due to concerns about the vote and how Labour plan to table a vote of no confidence if or when it falls through.  

Lawmakers will debate the Brexit plan for the next week, before a vote on it that the PM looks set to lose. This would open a range of possible outcomes, including a second referendum. If the court’s decision backs the view that Brexit can be reversed, it could help those campaigning for another Brexit vote.

The pound gained 0.7% to $1.2818 this morning against the dollar, it also strengthened 0.3% to 1.1245 against the Euro.

Data to look out today.   

Not much data due out today.

CURRENCY PAYMENTS MADE SIMPLE

PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

Data Releases