Pound Climbs After U.K. PM May Begins Brexit Process
29 Mars 2017 - 12:21PM
RTTF2
The pound strengthened against its most major counterparts in
the European session on Wednesday, reversing early losses, after
the U.K. Prime Minister Theresa May pulled the Brexit trigger and
sought support from Britons to build a strong unified nation as she
wants a smooth and orderly orderly exit from the European
Union.
Speaking to the House of Commons, May said that the Brexit gives
the opportunity to make decisions and laws by the government
itself, enabling to build a better Britain and shape a brighter
future.
"We will pursue a bold and ambitious free trade agreement with
the European Union that allows for the freest possible trade in
goods and services between Britain and the EU's member states," she
told.
The government is aiming to deliver a smooth and orderly Brexit,
planning to conclude negotiations with the EU in two years and then
moving into a phased process of implementation which enables
Britain, the EU institutions and member states to prepare the new
arrangements between them.
May's speech coincided with the delivery of historic letter to
European Council President Donald Tusk in Brussels, triggering the
Article 50 of the Lisbon Treaty.
The currency suffered losses in the Asian session, as the
investors focused on the formal move by the U.K. to leave the
European Union.
The pound climbed to a 5-day high of 1.2428 against the franc,
from near a 2-week low of 1.2284 hit at 8:00 pm ET. The next
possible resistance for the pound-franc pair is seen around the
1.26 region.
In its Spring Forecast, the KOF Economic Institute said that
Switzerland's economy is forecast to grow at a slightly slower pace
this year.
The think tank projected 1.5 percent growth this year, instead
of 1.6 percent estimated in December. For 2018, GDP was expected to
climb 1.9 percent, unchanged from prior projection.
Following near a 2-week low of 0.8735 hit against the euro in
the Asian session, the pound bounced off and was trading at
0.8654.The pound is poised to locate resistance around the 0.845
mark.
Figures from Destatis showed that Germany's import prices
increased at the fastest pace in nearly six years in February.
Import prices climbed by more-than-expected 7.4 percent
year-on-year in February, the highest rise since April 2011, when
prices surged 7.6 percent.
The pound bounced off to 1.2475 against the greenback, from an
early 8-day low of 1.2376. The pound is seen finding resistance
around the 1.26 level.
On the flip side, the pound reversed from an early high of
138.51 against the yen and resumed fall, touching a 2-1/2-month low
of 137.52. The next possible support for the pound is seen around
the 136.00 area.
Looking ahead, Boston Fed President Eric Rosengren speaks on the
economic outlook before members of the Boston Economic Club and
Federal Reserve staff at 11:30 am ET.
European Central Bank Executive Board Member Peter Praet
delivers speech at the "2017 Harvard Law Europe - US Symposium on
International Financial Systems" in Frankfurt in 12:50 pm ET
San Francisco Fed President John Williams will speak on "From
Sustained Recovery to Sustainable Growth: What a Difference Four
Years Makes" before the Forecasters Club of New York at 1:15 pm
ET.
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