Today, the Supreme Court, founded 7 years ago, to ensure politics and the judiciary never mix - faces the most important constitutional case the court will have heard and tests the true strength of the relationship between Parliament, the Courts and Government. The full panel of 11 judges will be hearing an appeal against the High Court’s ruling that Theresa May is not able to trigger Article 50 without a vote in parliament.
Evidence will be heard from the 5th-8th December with a decision expected in early January 2017, leaving the country in a perpetual state of Brexit limbo. If the decision is upheld, Theresa May will be forced to take a bill through the house, which could take months and derail the Prime Minister’s March 2017 timetable.
Uncertainty is never welcomed in the markets, if the decision is overturned it may lead to the possibility for a Pound sell off which could see the two and three month highs for Pound to Euro and Pound to US Dollar rates respectively slip away for those with a Sterling selling requirement.
Keeping in touch with your experienced personal broker here at currencies.co.uk gives those with a currency requirement the opportunity to act swiftly and take advantage of any sudden shifts in rates.
Daniel Been, a senior strategist at ANZ notes ‘even though GBP remains vulnerable to political events, with solid UK growth; the BoE firmly keeping rates on hold; and no major policy events in the near future – the Pound looks cheap at current levels’.
While Eurozone uncertainty is seemingly set to rise due to elections taking place in Holland, France and Germany next year. Coupled with the expectation ECB President Mario Draghi will extend the asset purchasing program at the next meeting on 8th December, I believe there is room for GBP/EUR to strengthen from current levels, even breaking through the psychological 1.20 barrier. The question is how far can it go?
Political events in the UK and the rest of Europe are shaking up Pound to Euro exchange rates, and whilst the Pound is showing signs of recovery clients should not become complacent. If you have an upcoming transfer that needs attention, our team here at currencies.co.uk would like to hear from you. Call us now on 01494 725 353 or email me here to get in touch.
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