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Weekly Roundup: Lack of Brexit progress continues to limit pound demand

currency-newsWeekly Roundup: Lack of Brexit progress continues to limit pound demand
Hopes for a mutually agreeable Brexit deal waned following Downing Street’s demand that its new proposals not be shared with officials beyond the EU negotiating team.

The pound was left on the back foot as markets perceived the equivocal statement in a negative light.

Although the Bank of England (BoE) opted to leave interest rates on hold at its latest policy meeting this failed to shore up GBP exchange rates.

With policymakers cautious in the face of political and economic uncertainty at home, the appeal of the pound remained limited.

Fresh signs of a softening UK manufacturing sector could put an additional dampener on the pound this week if September’s CBI industrial trends orders and distributive trades indexes prove disappointing.

As long as the indexes remain in negative territory confidence in the economic outlook is unlikely to see any significant improvement, leaving GBP exchange rates vulnerable to further selling pressure.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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