The Pound witnessed some dramatic losses at the end of last week falling over 1% against almost all of its major peers, and 1.5% against the US Dollar, as the currency was rocked by renewed Brexit fears.
The Pound witnessed some dramatic losses at the end of last week falling over 1% against almost all of its major peers, and 1.5% against the US Dollar, as the currency was rocked by renewed Brexit fears.
Following on from a disastrous EU summit in which her Chequers plan was rejected by the other EU leaders, Sterling sentiment soured as Theresa May confirmed that Brexit talks are at an impasse, thus reigniting fears of a no-deal Brexit.
Analysts at Nomura say this “came in line with what we expected… the market did not like its tone.”
With no major UK data releases this week, it looks likely that Brexit will remain centre stage, potentially resulting in further losses in Sterling should talks continue to stall.
Today’s rates:
GBP/ EUR 1.1025
EUR / GBP 0.885
GBP/ USD 1.27