Brexit once again grabbed all the headlines and most of the market’s attention in relation to the pound this week. After Dominic Raab’s empty-handed return from Brussels last weekend, the market seemed resigned to the lack of progress and was just about unchanged against the other major currencies.
The pound rose on the news that Theresa May’s cabinet supported the Brexit plan she will present to the European Council meeting, but when that plan was rejected and suggestions of an extension period arose, the pound lost its confidence.
Ultimately, despite some volatility, the prime minister’s visit to Brussels had zero effect on the pound. Investors expected no positive result from her meeting with EU leaders and they were not disappointed.
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