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GBP Higher on Brexit Extension

It’s been an interesting morning for FX markets today with a lot of movement underway. Following a rather dovish BOE meeting yesterday which saw the bank reaffirming the need to remain on hold while Brexit uncertainty continues, GBP was sharply bid today. The market reacted to news that the EU has offered the UK a conditional two-month Brexit extension.

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May has been given an extra two weeks to get a deal through parliament, which will then allow the UK to remain in the EU until May 22nd. Although the timescale is still tight, the market is optimistic about the chances of May gaining parliamentary backing, helping GBPUSD climb. However, for now, it remains under the 1.3215 level. Focus will now shift to whether May can secure a deal in parliament with GBP likely to remain highly sensitive to news reports in the meantime.

Weak PMIs Weigh on EUR

EURUSD weakened this ...

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