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Market Update

Sterling consolidated gains this morning and was set to snap a three Sterling consolidated gains on Friday and was set to snap a three-week losing streak as investors eyed last-minute talks between the United Kingdom and the European Union on possible changes to the Brexit withdrawal agreement.

The European Union’s Brexit negotiator, Michel Barnier, said he could not rule out the possibility that Britain’s EU withdrawal be pushed back.

Britain is due to leave the EU on March 29, but Prime Minister Theresa May is seeking further concessions on her Brexit deal in hope of winning the support of lawmakers before putting it to another vote in parliament.

If she fails, May will have to decide whether to delay Brexit or endanger the economy by leaving without a deal.

May has promised to give parliament a chance to decide what to do about Brexit on Feb. 27 unless she can bring back a deal.

It seems like next week will be a big week for the UK, we expect major volatility in the currency markets.

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