PM Speech Boosts Sterling
- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- October 4, 2018
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Sterling has gained against the Euro this morning after Theresa May delivered a defiant Brexit speech at the Conservative Party Conference.
The exchange rate picked up yesterday afternoon after Mrs May vowed the “resilience and ingenuity of the British people will see us through” Brexit.
The Prime Minister pledged that leaving the EU will bring a “brighter future for the whole of the UK” but warned the EU “Britain isn’t afraid to leave with no deal if we had to”.
Theresa May wants to push forward with the Chequers vote in parliament as soon as possible before she faces a tougher task to gather enough votes to proceed with her plans.
Her win may spell some upside for the pound but do be reminded that the EU has stated that they won’t go forward with Chequers unless there are some credible amendments – particularly to that of the Irish border solution.
The outlook is still a tricky one and that will continue to weigh on the pound as long as negotiations continue to stall.
Currently the pound is the best performing currency out of the majors.
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