Pound posts biggest weekly gain in a month as no-deal Brexit worry wanes

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Pound posts biggest weekly gain in a month as no-deal Brexit worry wanes

On Friday, the 1st of March, 2019, the British Currency slid against a gauge of global currencies, after a survey data had revealed that the British factories had slashed more jobs in February. Despite today’s tottering of more than 0.40 percent against American dollar to $1.3201 and over 0.35 percent against Euro to 0.8608 pence per euro, the Pound Sterling still scored its largest weekly gain in a month, as fears of a no-deal Brexit retreated.

After UK Prime Minister Theresa May had called for a delayed Brexit vote, which would likely to be taken place between March 12th-14th, the Pound Sterling skyrocketed against all of the majors, while posting a 21-month against Euro to 0.8566 pence per euro, and testing an October 10th high against American dollar to $1.3386.

So far, the Great Britain Pound had posted a weekly gain of 1.20 percent against American dollar and 0.87 percent against the euro, while the analysts had already forecasted that the Cable could head for 1.35-1.37 region in a near-term outlook with limited downturn risk, as BoE was expected to push new monetary stimulus into the economy next week, alongside ECB.

Expressing optimism over a buoyant GBP outlook next week despite today’s fall, a Commerzbank strategist wrote in a client’s note, “Sterling had to retrace some of its spectacular gains recorded earlier on in the week ... a postponement is not something that the UK can choose as it pleases. ”