The Euro strengthened during yesterday’s trading period following from the House of Commons’ approval of the Brexit Bill without any amendments. Although there was speculation that Article 50 could be triggered any time now, the official spokesperson for Theresa May commented that this would happen at the end of March, after an EU Summit involving the remaining 27 members taking place on 25th March.
With the expectation for Scottish MP’s to vote on a 2nd Independence referendum next Wednesday, this allowed the Euro to make gains against the Pound pushing rates back down to an 8 week low into the 1.13’s.
However, European Industrial figures for January were released yesterday and showed a weaker than expected output, with production rising by 0.9% compared to the previous month, rather than economists’ expectation of a 1.4% rise. This allowed for Sterling to recover the losses seen against the Euro earlier in the day.
The Dutch elections are also causing volatility for the Euro. Dutch Prime Minister Mark Rutte spoke yesterday regarding the recent dispute between the Netherlands and Turkey, after Dutch authorities denied Turkish ministers the right to speak at rallies in the Netherlands for constitutional change in Turkey.
Rutte said that Turkish President Tayyip Erdogan was ‘totally off the mark’ when he compared the Dutch to Nazis, and urged voters not to succumb to the domino effect following from the Brexit vote and Donald Trump’s election. The people of the Netherlands will go to the Polls today, and the final opinion polls have shown Geert Wilders, leader of the Party for Freedom, has fallen behind losing 4 seats compared to the day before.
Polling stations close at 9pm and official results could be as soon as 40 minutes after this time. As this announcement is outside of trading hours, our clients can benefit from any spikes in the market by securing a Limit Order contract, allowing us to automatically book currency as soon as it reaches your specified rate.
The Dutch elections today may offer a short spike for Pound to Euro exchange rates. Get in touch with your dedicated broker on 01494 725 353 who will be able to help you make the most of todays big event.
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