premier FX

Snap Election Announcement Awakens the Pound Market Updates

As most Sterling watchers are aware, since the surprise Brexit election results in June 2016, the illustrious Pound has been sulking in the 1.14 range against the Euro, and 1.24 range to the US Dollar. Economic data and geopolitics raised and lowered the Pound in past months. But on 18 April, the Pound rolled out of its slumber and rose up again with Theresa May’s announcement of a snap election in early June.

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Uncertainty

Current Influences on Currency in Early 2017 Market Updates

By Premier FX Account Director Gary Owen

Currency exchange rates are notoriously difficult to predict, especially in the short term. This has been especially the case in the first part of 2017 when there has been a high degree of volatility in major currencies due to factors such as Brexit, EU political concerns, the ‘Trump Factor’, and the global interest rate environment.

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Tracking Pound - social

Premier FX Currency – 20 March 2017 Market Updates

And so the process begins…

Brexit, that is. It looks like by the end of March, the UK will formally start proceedings to leave the European Union. Naturally, we all knew this would happen as the government have been talking about it for a while and also have mentioned this timescale on numerous occasions. However, all we are concerned about is what it is going to do to the currency.

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QE Peeking - social

Premier FX Currency Forecast – 13 March 2017 Market Updates

Uncertainty…

That is what is causing a movement down in the Pound, especially against the Euro.  We moved down to the first target level around 1.14 last week with no real recovery.  The uncertainty is mainly, of course, around good old Brexit.  Economic figures are not showing up that well and the reason cited for this is the uncertainty over leaving Europe.

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