Brexit Position Improves, Pound Strengthens
As we enter the New Year the UK has begun to refocus on continuing Brexit talks. The pound has strengthened to a 3 year high against the US Dollar with the market rate sitting at 1.372 this morning this is due to a more positive attitude towards Brexit talks developing with some EU members suggesting a deal that keeps the UK much closer to the European Union than was previously expected. However we have not seen the same sort of gains against the Euro due to a number of developments. On Thursday the European Central Bank finally announced an end to their stimulus plan, this is widely seen as good news as it shows the Eurozone’s economy has recovered well enough to require less propping up. In conjunction with this and the associated positive European economic data released last week the single currency also reached a 3 year high against the US Dollar.
The good news for the Euro hasn’t stopped there though, Germany’s coalition government under Angela Merkel have moved on to formal negotiations as talks have gone well. This has added to the current Euro strength as political uncertainty has been reduced.
Looking further ahead the Bank of England’s new Governor Ben Broadbent has suggested an interest rate raise is on the cards in the near future. This has lent further support to the Pounds position and helped recover some of the value it has lost since the referendum.
While there is still a lot of uncertainty about Brexit the increased positive attitude from the UK and the EU will boost confidence in the Pound and we could see further gains against the Euro and especially the US dollar in the coming weeks. While the EU has seen a raft of positive data I believe the larger market moving news has now been announced and the pound has more to gain than the Euro.
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