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Sterling Halts Decline, Gains on Euro

Focus on 5-pound noteThe Great Britain pound halted yesterday’s drop today and was even able to gain on the euro (and recently rose versus other currencies). The decline followed the formal initiation of the Brexit process.

Yesterday, Britain’s Prime Minister Theresa May signed a letter that formally initiated the Britain’s exit from the European Union. She spoke to Parliament, arguing that pessimistic forecasts for the nation’s economy have not proved true:

There were predictions about what would happen to the economy if the United Kingdom voted to leave. Those predictions have not proved to be correct. We see a strong economy.

Investors remained concerned, though, that the economy may yet turn to worse as the actual process of leaving the EU starts.

GBP/USD rose from 1.2432 to 1.2464 as of 11:08 GMT today after falling to 1.2402 intraday. EUR/GBP dropped from 0.8657 to 0.8618.


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Post tags: Brexit, EUR/GBP, GBP/USD, Great Britain, Pound, Theresa May

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Sterling Halts Decline, Gains on Euro

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