Following on from the Supreme Court ruling which prevents Brexit from being triggered without Parliamentary consent, the Pound has found added strength in the Bank of England’s decision to keep rates on hold.
A speech from Mark Carney will follow shortly, which could provide further strength in Sterling’s favour.
Pound to Euro exchange rates could hit 1.13
As it stands, The Pound has gained momentum against most major currencies reaching 12.70 compared to the lows of this morning of 1.1084. Mark Carney’s speech at 12:30 could provide further gains for Sterling if he talks up the UK economy. Given the strong PMI data this morning and better than expected GDP figures last week, there’s a strong argument that Carney will present a positive outlook which in my opinion, will push Pound to Euro exchange rates to 1.13.
With the news this morning, those selling Euros should consider doing so sooner rather than later as there is every possibility Brexit may be stopped or lessened by Parliament which could equate to further strength.