020 7898 0500Sterling (GBP, pound) continues to strengthen, boosted by positive sentiment of late, hitting a fresh six week high after a key technical level was broken. Political clarity continues to be the theme at the moment. Yesterday Theresa May succumbed to pressure from MP’s by announcing the government will set out its Brexit plans in a formal policy document, otherwise known as a white paper. Staying on the political theme, David Davis – Secretary of state for exiting the European Union – is due to introduce a Brexit bill. No doubt there will be plenty of parliamentary debate.
Politics aside, today we have a key indicator for the UK that will be closely watched. The first reading of fourth quarter Gross Domestic Product (GDP) 2016 is due for release – growth is expected to come out at 0.5%. The final quarter GDP numbers are updated three times during this quarter, the first reading tends to create the most anticipation and therefore potential volatility.
