WellTax Blog

Pound up ahead of Budget

November 20, 2017

The pound has climbed against the dollar in late morning trade – it’s at $1.3253, a rise of 0.26%.

It’s also up against the euro having gained 0.31% to trade at €1.1246.

Sterling seems to have been boosted by news which emerged over the weekend on the progress of Brexit negotiations. Chancellor of the Exchequer Philip Hammond said the UK will submit proposals on how to settle its EU divorce bill before an EU summit next month.

Mr Hammond is also expected to give consumers a boost in Wednesday’s Budget.

“I think for the moment people are still fixated on progress in negotiations between the UK and the EU … the currency reacts to that most quickly,” said Stephen Macklow-Smith, head of Europe equity strategy at JPMorgan Asset Management

“There is scope for sterling to bounce if we get a fairly benign deal, and that would then translate to some rotation within the market, because when sterling weakens, overseas earners do well.”

Article from the “BBC”

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