News broke yesterday that UK remain lawyers have found another loop hole that they are going to try to explore. Theresa May wants to invoke Article50 in March and will argue her case in the Supreme Court earlier December. However UK lawyers are now exclaiming regardless of the result the UK also need to trigger Article 127 alongside Article 50 if the UK want to leave the single market.
I am not surprised that the closer we get to the turn of the year, barriers are forming in front of Theresa May and I wouldn’t be surprised to see Brexit negotiations continue way into 2017. If pro ‘remainers’ manage to keep the UK in the signal market throughout 2017 exchange rates could improve towards the 2 level that we became accustom to in 2015. However if Mrs May gets her way a fall to the low 1.50s is on the cards.
Data releases that will have an impact on GBPAUD exchange rates tomorrow are:
- AUD Private sector Credit 00:30
- AUD Building Permits 00:30
- GBP Financial stability report 10:30
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