Currency Round Up of the WeekMarch 16, 2017 4:37 pm
The Queen is said to give royal assent to the Article 50 bill today, which means Teresa May will be able to formally start talks to leave the European Union. This will start the two-year process of negotiating the UK’s Brexit terms and begin a new relationship with the EU.
The conservatives have also been fined £70,000 over breaching the expenses rules today. The party had confirmed they had accepted last year they made “an administrative error”. Whilst the GBP had a slight increase earlier on in the week, after a weekend slump, it is very volatile towards the end of this week.
Prospects for the EUR are looking up this week, with some financial experts forecasting the single currency will recover from its five-year slump. The EUR has struggled against the USD for the last five years, but slowly seeing some significant improvement.
Brexit talks are still going on within the UK and European Union. It is the biggest news in the market at the moment causing the EUR to gain strength against both the GBP and USD. European stock markets flat-lined Wednesday with investors playing it safe ahead of a likely Federal Reserve rate hike and due to the Dutch election.
Last night news came about that a federal judge in Hawaii has blocked President Donald Trump’s new travel ban, hours before it was due to begin after midnight on Thursday. The order is said to be placing a 90 day ban on people from six Muslim nations and 120 day ban on refugees coming into the United States of America.
President Trump has insisted that the move is to stop terrorists from entering the US but many critics have argued this is discriminatory. The Federal Reserve are expected to increase rates shortly, however if the Federal Reserve doesn’t deliver the rate rise, it will shock the market and cause the dollar to collapse.EUR to USD exchange rate, GBP to EUR rate
Categorised in: News
This post was written by Kayleigh Driscoll