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Tom Holian
Dealing Director
Will the Pound make gains during this week?
Brexit uncertainty and the plot to oust Theresa May affect sterling rates.
The pound has started off the week in a similar position to where it ended prior to the bank holiday weekend with economic data relatively thin on the ground as we end the month.
% Change (Month)
Difference on £200,000
GBP EUR 3.2% €7,350
GBP USD 3.1% $8,100
GBP CAD 3.1% CAD $10,140
However, all eyes will be turned to what is happening politically at the moment with MPs back to work following their recent break. Brexit will no doubt once again top the headlines.
Over the weekend rumours have emerged that an important member of the Tory Party will tell Theresa May that she should step down by the end of June or risk an attempt to depose her during this period. Clearly this is not good news for the current PM.
At the end of last year Theresa May managed to survive a vote of no confidence which means that she should remain unchallenged by her own party for twelve months. However, options still remain that enough Tories want a change in leadership then this is still a potential outcome.
With the Brexit deadline of the 29th March now well behind us the extension has been granted until 31st October, but with Nigel Farage setting up the Brexit Party this could mean a relatively significant move by votes to lean towards this new party.
Annunzita Rees-Mogg who is the sister of Jacob has joined the party and according to some polls Farage's party has already gained 27% of the vote. However, as we have seen over the last few years polls cannot be wholly relied upon to be entirely accurate.
Over the next few days there is little economic data published but this morning the UK will announce the latest Public Sector Net Borrowing data for March so if the data if much different from the expectation we could see some movements early morning for the pound.
We end the week with the latest news from the British Bankers' Association Mortgage Approvals data. Mortgage approvals have been coming under pressure in recent months as the housing market has remained in an uncertain period owing to the uncertainty caused by Brexit.
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