Sterling at 9-month high

Sterling at 9-month high

The pound rallied yesterday to 1.3343 against USD and 1.1774 against EUR after MPs rejected a no-deal Brexit, even though it is not legally binding. Tonight, Parliament will debate and vote on delaying Brexit. If MPs vote in favour of an extension, it would have to be accepted by the EU and officials suggested that the UK would have to provide a clear reason for moving the March 29th deadline. Meanwhile, PM Theresa May is planning to bring her deal to vote for the third time. If Parliament votes against a delay and does not accept the deal, the default option would be a no-deal divorce. Ongoing Brexit uncertainty is still weighing on the housing market according to a recent survey published by RICS, as prices are growing at their weakest pace since 2011.
The EUR/USD pair dropped to a 21-month low last week, trading below 1.12 but it was short-lived and the trend has now been reversed, trading above 1.13. There’s not much in the economic calendar today but traders will now focus on the Euro zone inflation data, US weekly jobless claims, export and import price indices and housing data as any deviation from market expectations could impact the pair.

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