ARE YOU READY FOR THE BREXIT MARKET AFTERSHOCKS?
✦ British MPs have voted overwhelmingly in support of Theresa May to initiate Article 50 by officially notifying the EU of “the United Kingdom’s intention to withdraw from the EU.” While there are many more votes and debates along the way, most agree the UK will meet its deadline of March 31st to initiate Article 50.
✦ With all the anticipated market volatility surrounding Great Britain’s withdrawal for the European Union, it’s well worth preparing your position in these currency pairs: EUR/GBP, GBP/USD and GBP/JPY.
✦ The euro has spiked sharply against the Pound sterling (EUR/GBP) in reaction to last week’s events. On Monday at 08:00 GMT, the currency pair was trading at 0.864 (+0.50%). Will the uptrend continue as Brexit woes persist?
Brexit’s Major Milestones
- 31 March 2017 – Deadline to invoke Article 50
- 30 September 2018 – Deadline to finalise negotiations with EU
- May 2019 – Following ratification by all member states, Britain officially exits the EU
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