The Prime Minister is due to speak in Florence on a range of topics today.

Theresa May’s speech has been highly anticipated in political and economic circles.

The exchange rate remains highly vulnerable to the content of the address.

Sterling is this morning buying €1.136, after a mixed performance against the euro this week; tested by both UK and Eurozone data.

Pound euro exchange rate

Pound euro exchange rate: Sterling is vulnerable to a Brexit speech from Theresa May

The exchange rate fell yesterday after borrowing data showed that the UK government has once again run up a deficit.

TorFX currency analyst Rewan Tremethick said: “GBP/EUR may have enjoyed an early-morning boost after positive data yesterday, but the exchange rate was back to opening levels of €1.136 by the end of the day.

“The UK government posted the smallest deficit for an August since the financial crisis, but the latest Eurozone consumer confidence index climbed unexpectedly towards positive territory; rising from -1.5 to -1.2.”

But an update from the ECB failed to have any significant impact on the rate.

Pound euro exchange rate

Pound euro exchange rate: Sterling has noted a mixed performance this week

Theresa May’s address in Florence on the topic of Brexit today is unlikely to pass by quietly

Rewan Tremethick

Mr Tremethick said: “A speech from European Central Bank (ECB) President Mario Draghi did little to affect the euro, as he avoided mentioning monetary policy.

“Theresa May’s address in Florence on the topic of Brexit today is unlikely to pass by so quietly.”

As the Prime Minister prepares to make her Florence address, details of its contents have been revealed.

Mrs May will today challenge the rest of Europe to display the “vision and creativity” required to build a successful Brexit that serves future generations on both sides of the Channel.

Pound euro exchange rateBLOOMBERG

Pound euro exchange rate: Sterling is buying €1.136

In a major speech tackling doom-mongers at home as well as abroad, the Prime Minister will also forecast a “bright future” for both Britain and the European Union in a bold “new partnership”.

She delivers her landmark address in the Italian city of Florence as she seeks to kickstart Britain’s negotiations with Brussels from their deadlock over cash, citizens’ rights and the future Irish border.

It follows a marathon Cabinet meeting yesterday called by Mrs May for ministers to unite around the offer she will set out today to the rest of the EU.

Significantly, the two-and-a-half hour session is believed to have agreed to propose a transitional period of up to two years after Britain formally leaves the EU in March 2019.

News Source

error: Content is protected !!