Currency Update

Britain’s pound steadied close to its highest levels in 10 months against the dollar today on comments from the finance minister about a transitional leaving deal with the European Union.

They soothed market fears that the country is set for a “hard Brexit”.

Philip Hammond said that he wanted to avoid a “cliff-edge” where goods and people stopped being able to move across Britain’s borders when it leaves the European Union in March 2019.

Hammond added that EU nationals would continue to be able to work in Britain immediately after its exit from the EU, and changes to rules affecting relations with the EU could be phased in gradually over the transition period, which should be complete by the next scheduled parliamentary election in 2022.

In economic news investors are now looking ahead to next Thursday, when the Bank of England will make a policy decision and release its quarterly Inflation Report.

Most analysts and economists expect the bank to keep interest rates at their record lows for now, although one is calling for a hike.

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