The pound is currently trading against the euro at £1.132, an improvement from yesterday’s rates of £1.130.
Following a tumultuous week, the exchange rate has managed to improve despite tensions between the UK and Russia following the nerve gas attack in Salisbury.
It was also affected by the spring statement that announced debt was the lowest since the financial crisis in 2008.
New comments regarding Brexit have managed to push sterling up to end the week on a high.
Scotland’s First Minister Nicola Sturgeon has spoken out regarding the UK leaving the EU in 2019.
A meeting with Prime Minister Theresa May at Downing Street yesterday appeared to end more positively, despite discussions over where the EU power would be held in replacement of Brexit.
The government has initially stated it would mainly go to Edinburgh, Cardiff and Belfast as opposed to Westminster, in regards to areas of water quality and energy.
But Ms Sturgeon commented that Brexit “could be done” as the differences between the two female leaders were “not insignificant, but neither are they insurmountable”.
This was echoed by Welsh First Minister Carwyn Jones who remained “hopeful” for a resolution to the discussion of the 153 regions regarding EU powers.
Theresa May also explained: “I am determined to secure a settlement that delivers an unprecedented democratic dividend for the people of Scotland, Wales and Northern Ireland, while protecting and preserving the precious Union that is at the heart of our past, present and future success.”
Laura Parsons, currency analyst at TorFX commented on the pound against the euro with today’s positive rates.
She said: ”With the euro trading cautiously following dovish comments from European Central Bank (ECB) President Mario Draghi, the GBP/EUR exchange rate advanced above €1.130.
“The pound was also supported by positive remarks from Scotland’s First Minister Nicola Sturgeon, who asserted that Brexit ‘can be done’.
She also explained how it could be affected in the coming days.
Ms Parsons stated: “With the U.K. set to release inflation, employment and retail sales data next week, and the Bank of England (BoE) delivering its latest interest rate decision, the GBP/EUR exchange rate will have much more motivation to move in the days ahead.”
