The Pound – Volatile but Pressured as Vote is Pulled
The Pound continues to be pummeled as key Brexit vote is pulled.
The European Court of Justice (the much hated by Leavers ECJ) ruled today that the UK could indeed call off the Article 50 notice to exit from the EU any time before March 29, the current official exit date. The decision was expected after a court adviser already issued a similar opinion last week. Both sides had sought clarification on the issue, brought forward by pro-remainers in the U.K. and also contested by the EU, where officials feared that the right to unilaterally stop the withdrawal process could lead to an abuse of the process.
The raft of UK data today was also on the weak side with GDP confirmed at a glacial 0.1%, the Goods Trade Balance missed expectations by over 1.4 billion GBP and Manufacturing Production was worse than expected.
The European Court of Justice (the much hated by Leavers ECJ) ruled today that the UK could indeed call off the Article 50 notice to exit from the EU any time before March 29, the current official exit date. The decision was expected after a court adviser already issued a similar opinion last week. Both sides had sought clarification on the issue, brought forward by pro-remainers in the U.K. and also contested by the EU, where officials feared that the right to unilaterally stop the withdrawal process could lead to an abuse of the process.
The raft of UK data today was also on the weak side with GDP confirmed at a glacial 0.1%, the Goods Trade Balance missed expectations by over 1.4 billion GBP and Manufacturing Production was worse than expected.