Euro strengthened against the pound this morning, as the latter fell on fears over Brexit, with May’s concessions on her Withdrawal Agreement attracting criticism from both her own party and the opposition. A push to oust May could also see a more Eurosceptic leader in charge.
French Minister of the Economy and Finance, Bruno Le Maire, told reporters yesterday that the euro is ‘under threat like never before’ with a potential rise in Eurosceptic parties in the European Parliament being particularly ‘serious for the stability of the euro [and] all economic and industrial policies we have launched.’
We can expect further volatility this week, with European elections tomorrow and the results on Saturday – speculation and polling between the two could have a significant impact on the pound.
In better news, consumer confidence rose to its highest reading since last October – albeit still in the negative – and above market expectations. Today is quiet on the economic releases front, with most happening tomorrow, coinciding incidentally with European Parliament elections.
