PM Johnson to meet President Juncker on Monday

Hi everyone,

As predicted the Pound finishes the week off strongly with £-$ rates breaking 1.24 for the first time in 7 weeks and £-€ settling just over 1.12. However, even though analysts are predicting rates to start slowly falling in the build up to Brexit negotiations, recent events may have just put that on hold.

Yesterday, ECB President Draghi announced a deposit rate cut, meaning they will pay Governments and companies more in return for borrowing money, thus depreciating the Euro. A Bloomberg news report suggests the US are eyeing a deal that temporarily ends the trade war with China(strengthens the £). 

Today, confirmation that Johnson will meet Juncker for a working lunch has fueled speculation that there is a change in the Government's stance on the Brexit process. Particularly the softening of the backstop. We are hearing the plan is for a hard Brexit, meaning the UK will be out of the single market and customs union, which will immediately weaken the £.




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