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Sterling Rallies as Theresa May Changes Stance

February 27, 2019 at 13:40 by Vladimir Vyun

Close-up of the UK pound noteThe Great Britain pound gained against its major rivals today as British Prime Minister Theresa May changed her stance regarding the no-deal Brexit and delay for Britain’s separation from the European Union.

Previously, May was strongly opposing a delay for the Brexit and wanted to keep the “no-deal Brexit” scenario in the cards. But now, she completely switched gears as chances are her Brexit plans will be turned down once again by Members of Parliament during the “meaningful vote” next month. The Prime Minister said that, if MPs will vote against her withdrawal plans during the March 12 vote, she will initiate two separate votes: whether MPs want to have hard Brexit as an option and whether the process of separation from the EU should be extended beyond the March 29 deadline.

As for UK macroeconomic data, British Retail Consortium reported that the shop price index rose 0.7% in February. Non-food prices rose for the first time in almost six years. Coupled with food prices, shop price inflation reached the highest level in six years.

GBP/USD gained from 1.3251 to 1.3314 as of 13:27 GMT today. EUR/GBP dropped from 0.8592 to 0.8549. GBP/JPY advanced from 146.52 to 147.29.

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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