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Pound holds its ground despite Westminster circus

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Markets remain underwhelmed by the mixed week of tax dodging, Westminster sleaze, and cabinet coming and goings.

Sterling has sat back and watched, probably through its fingers, at the latest wave of political woe that is setting the spotlight firmly on Mrs May and number 10. The pound has, however, finished the week fairly well and, at €1.1340 we are up at the levels we saw last Thursday around the time of the Bank of England interest rate hike.

Brexit negotiations are taking place in Brussels, and the suggestion is that Michel Barnier seems to want to move things on from the frustrating loggerheads that both sides find themselves in. The market is alive to this and, supported by a change in direction, for better or worse in terms of the UK, the market for now wants to see things develop, and we should hope they help drag sterling out of this frustrating range that it finds itself in.

I’ll report more on what happens next week, but for now the rates remain tightly set at a fair price, considering the lows.

Don’t expect too much, but maybe we can hope to see Sterling go a little higher.

By Luke Trevail, senior currency-trader

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