British Pound: Potential EU re-engagement supports Sterling – ING
Chris Turner at ING discusses the British Pound as EUR/GBP moves noticeably lower, suggesting emerging Euro weakness and a changing UK narrative. He highlights UK Prime Minister Andy Burnham’s speech on moving closer to Europe, including a possible push to rejoin the EU after the next election.
Chris Turner of ING comments on the British Pound, noting its recent decline against the Euro, which signals potential Euro weakness and a shifting UK stance. He emphasizes Prime Minister Andy Burnham's recent remarks regarding closer ties to Europe, potentially including rejoining the EU after the next election. Turner observes that a UK re-entrance into the EU could be viewed positively by the foreign exchange market, especially after the significant drop in sterling following the 2016 Brexit vote.
He anticipates that the markets will support the Pound as Sterling approaches a scheduled UK-EU summit expected around November 20th.
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