As Article 50 was triggered today, prompting the start of the UK’s exit from the EU, Theresa May addressed the House of Commons, leading to a stronger sterling.
David Kerns, commercial development lead for currency specialists, Halo Financial, said:
“It is encouraging to see Sterling strengthen against the US Dollar as the UK Prime Minister, Theresa May, addresses the nation on the invoking of Article 50 and outlines the path ahead now that Brexit is official.
“Much of what Theresa May discussed reiterated the key points that the UK Prime Minister made in her Brexit speech in January, but the constant, reassuring references to a ‘special partnership’ with the EU and ‘continued, close cooperation’ may be acting to calm the markets’ fears and helping the Pound’s performance against the Euro.
“It is also significant that Mrs. May emphasised the importance of representing the interests of EU citizens who have made their home in the UK and the need to encourage ‘the brightest and best’ talent to the UK, both of which are key concerns for UK businesses.”