29/03/2017 – This Morning’s Currency Rates
- Posted by currencies in Rate Alerts
- March 29, 2017
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Please see the indication rates at the bottom of this article
Sterling slipped to an eight-day low against the dollar today, just hours before Prime Minister Theresa May was due to trigger two years of negotiations to take Britain out of the European Union.
Nine months after Britons voted to leave, May will notify EU Council President Donald Tusk that the UK really is quitting the bloc it joined in 1973, in a letter due to be hand-delivered by Tim Barrow, Britain’s permanent representative to the EU, at around 1130 GMT.
Sterling, which rose to an eight-week high of $1.2615 at the start of this week as investors unwound record-high short positions, was around 2 cents lower than that on Wednesday, down quarter of a percent at $1.2417 by 0820 GMT and having earlier touched as low as $1.2377.
Some analysts said the actual triggering of Article 50 would only have symbolic significance for investors, with the real driver for sterling being how negotiations with the EU will play out, and the health of the British economy going forward.
The prime minister, who on Tuesday signed the Brexit letter and spoke to German Chancellor Angela Merkel about the future talks, will update the British parliament today, while Tusk is due to give a briefing to reporters.
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