• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / British Sterling / European leaders take firm approach to Brexit

European leaders take firm approach to Brexit

October 7, 2016 by Rob Lloyd

European leaders take firm approach to Brexit
  • GBPEUR exchange rates fall below 1.11
  • Angela Merkel and Francois Holland encourage European leaders to take firm post-Brexit stance
  • UK to adopt hard Brexit
  • UBS predictions of Pound to Euro parity look more likely

pound sterling weakness aheadPound Sterling is being driven by sentiment as opposed to economic data, the latest news from French President Francois Holland adds further pressure to post-Brexit negotiations. Angela Merkel has also added her comments to the subject of open border policies, urging German businesses to take a firm approach to UK trade deals.

The UK is looking increasingly likely to remove itself from the EU and any subsequent memberships, in order to tighten its borders as set out by Theresa May during her Tory conference this week.

If this rings true, the UK could be in for a bumpy ride as it looks to fill the financial gap with trade deals elsewhere, a move that could take years to materialise.

There is then the concerns for the Financial sector as stricter border controls could cripple the UK’s status as the financial hub of the World, the financial sector is the UK’s biggest contributor to GDP and should be a priority for the new government.

But Theresa May has insisted there will be no special status for firms and has reiterated that the British people have spoken.

UBS predictions last year look more likely

Last year UBS predicted the Pound would fall to parity in the wake of Brexit and further developments make these predictions more prominent. Today’s industrial and manufacturing output figures took a dive for the worse and as a result, Sterling has fallen a further 80 pips since the beginning of Friday’s trading morning.

Further negative economic news from the UK could see rates fall further, and I would encourage those holding Sterling to consider what GBPEUR parity would mean to your finances.

Filed Under: British Sterling Tagged With: Article 50, Brexit, Pound Sterling weakness, Theresa May

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Rob Lloyd

Robert brings with him a wealth of knowledge on what is impacting exchange rates, especially around the subject of the EU Referendum and the implications for Sterling and Euro exchange rates.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy