Business Magazine

Brexit Rumours Buffets Sterling Exchange Rates

Posted on the 16 October 2017 by Forex News Shop @forexnewsshop

The pound had to navigate some tricky waters on Thursday following comments from the European chief negotiator. Michel Barnier’s comments saw the Pound tank against a host of currencies. Although the losses corrected fairly promptly, Sterling exchange rates found themselves at a month low.

What caused Sterling exchange rates to dip?

The pounds sell off and depreciation was triggered by comments from Michel Barnier who portrayed the troubled that negotiations with the UK

We’ve reached a state of deadlock, which is very disturbing. We are not asking the UK to make concessions.

Michel Barnier went further, saying that the UK’s relationship with the EU couldn’t be defined without progression.

Market interprets no deal

Following Barnier’s comments, Sterling exchange rates plummeted with the Pound losing against a host of currencies. The heaviest depreciation was seen against the JPY and USD. Many trade experts believe the losses were heavy due to the recent conversation about pre-emptive measures taken in case of a NO Deal Brexit outcome. In recent weeks there has been a lot of speculation about the UK Governments plan for a no deal with Theresa May setting out a plan in order for the movement to continue. These include lorry checks to be held in-land in order to not create queues at Dover and other ports.

Davis still remaining upbeat on Brexit talks

Although Barnier had spoken in a negative fashion about the negotiations so far, David Davis  the UK’s Brexit Secretary appeared more upbeat about their progress stating that he wanted to

Build on the spirit of co-operation we now have.

With the Brexit secretary highlighting the progress made on UK and EU Citizens rights, with Davis saying that he believed the talks had moved the two sides closer to a deal. He also confirmed that Theresa May would honor the UK’s financial obligation to the EU.

Sterling exchange rates tumbled following Barnier’s ‘Deadlock’ comments

The pound’s recent gains were brought briefly to a halt following the EU chief negotiator’s comments with Sterling exchange rates losing pace against a host of Currencies.

GBP/JPY was experienced heavy losses with the rate dropping from 148.75 to 147.54. The pair briefly losing around 0.7% in a few hours.

Sterling Exchange Rates GBP/JPY

The GBP/USD was briefly rattled by the comments, which saw the pair drop from 1.3237 to 1.3139. GBP/USD dropping roughly 0.5% in a few hours following the comments relating to a possible deadlock in Brexit negotiations.

Sterling Exchange Rates GBP/USD


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Studying at the University of Melbourne: How To Be Prepared

    Why choose UniMelb? One of the top reasons why prospective students apply to the University of Melbourne is because of its ranking. Just this year, it... Read more

    8 hours, 49 minutes ago by   Prachipreaches
    BUSINESS, SOCIAL MEDIA, TECH
  • The Bronzer Declutter

    Bronzer Declutter

    A few months ago, after my latest round of decluttering, I put all my make-up (excluding lip products) into a big box. Having it all there together is great... Read more

    9 hours, 29 minutes ago by   Glossqueen
    HAIR & BEAUTY, SELF EXPRESSION
  • White Coral Styled Shoot in Santorini

    White Coral Styled Shoot Santorini

    Today, we’re sharing with you one styled shoot straight out of heaven! The photoshoot took place in beautiful island of Santorini and specifically in a private... Read more

    10 hours ago by   Eleni Balkouli
    LIFESTYLE, TRAVEL, WEDDING
  • Bilbliophilic Elitism

    You know, the worst of claiming to be a reader is that people assume you are well-read. The problem is the books that they expect you to have read. Read more

    11 hours, 25 minutes ago by   C. Suresh
    DIARIES, SELF EXPRESSION
  • Laura Bush on Family Separation at the Border “It is Immoral”

    Laura Bush Family Separation Border Immoral”

    FirstLadyB | B Inspired By Entertainment News Laura Bush has penned a lette... Read more

    11 hours, 57 minutes ago by   Firstladyb
    SPIRITUALITY
  • How To Travel With A Carry On Only

    Travel With Carry Only

    I was not a carry-on person for a longest time. It never even crossed my mind that it was an option. Not until I moved to the U.S. and the airlines started... Read more

    14 hours ago by   Tanvi Rastogi
    FASHION
  • Bucket List

    Bucket List

    On the whole I'm quite a fan of lists. Making a list helps me organise and prioritise what I need to do (as long as I stick to it once I've drawn it up). Read more

    15 hours, 53 minutes ago by   Ashleylister
    BOOKS, CREATIVITY, CULTURE, SELF EXPRESSION

Magazines