Will the pound continue to fall against the euro? (Dayle Littlejohn)
For euro buyers exchange rates have taken a tumble this week due to UK Prime Ministers Theresa May’s press conference with Sky on Sunday. She insinuated that the UK only have one option and that’s to leave the EU and single market. Mrs May has commented on the recent decline for the pound and is actually blaming the media.
Today the Chairman from HSBC has warned the UK that more clarity is needed as the leading bank are considering moving many jobs from the UK to Paris. If this materialized I am convinced this would have a detrimental impact on the pound and if other large companies follow suit buying euros could become more expensive.
Looking ahead the key decision this month that will continue to impact sterling exchange rates is the Supreme Court decision, which is set to be released any day. The Supreme Court need to decide whether Mrs May has the power to invoke Article50 or if she needs parliament approval.
This decision could potentially drive exchange rates back towards 1.16 however if the Supreme Court vote in favour of the PM I believe it wont be long until GBPEUR is back to the lows of 2016 (1.10-1.12).
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