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Weekly Roundup: Speculation over Brexit deadline extension keeps pound under pressure

currency-newsWeekly Roundup: Speculation over Brexit deadline extension keeps pound under pressure
Although Theresa May requested another short extension to the Brexit deadline this failed to offer any particular support to the pound.

While May engaged in talks with the Labour leadership with an aim to reaching a Brexit compromise, investors maintained a generally bearish view of GBP exchange rates.

Until there are signs of solid progress towards a deal the risk of a no-deal Brexit continues to hang over the pound, limiting its appeal.

March’s raft of UK PMIs also did little to improve sentiment towards the pound, with investors caught off guard by the service sector unexpectedly falling into contraction.

Demand for the pound could ease further this week if February’s gross domestic product data demonstrates a fresh loss of growth momentum on the month.

If growth stagnates as forecast GBP exchange rates could lose fresh ground, moving back towards their recent multi-month lows.

Even so, developments surrounding Brexit look set to dominate the outlook of the pound in the days ahead, with any breakthrough having the potential to shore up GBP exchange rates.
 
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Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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