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Theresa May Claims Markets Misinterpreted Her Words, Pound Stays Weak

January 10, 2017 at 9:44 by Vladimir Vyun

Close-up of the UK pound noteThe Great Britain pound remained weak during the current trading session following yesterday’s comments from Britain’s Prime Minister Theresa May even though she claimed that media misinterpreted her words.

Markets interpreted yesterday’s comments from May as a sign that she is willing to accept a “hard” Brexit as the price the United Kingdom has to pay for having control over its own borders. Yet later the Prime Minister said:

 

I am tempted to say that the people who are getting it wrong are those who print things saying I’m talking about a hard Brexit, [or] it is absolutely inevitable it is a hard Brexit. I don’t accept the terms soft and hard Brexit.

Meanwhile, the UK retail sales rose 1% in December 2016 from December 2015 according to British Retail Consortium, but it did not help the sterling to hold its ground.

GBP/USD dropped from 1.2158 to 1.2132 as of 9:34 GMT today. GBP/CHF fell from 1.2339 to 1.2284, declining for the fourth session in a row.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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