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Pound euro exchange rate: GBP/EUR jumps as markets hope no-deal will be avoided

Although this margin was lower than during the first “meaningful vote”, Sterling traders took it as a sign that there could now be an extension to the Brexit process and a delay to Article 50. 

However, the EU has said the UK must provide “a credible justification” before they will agree to any extension. 

Theresa May has said Tory MPs will get a free vote this evening on the vote on whether the UK should pursue a no-deal Brexit.

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Meanwhile, the release of the Eurozone’s seasonally adjusted industrial production rose to a higher-than-forecast 1.4 percent increase in January. 

This offered the euro some relief, allowing it to regain some of its losses against the pound this morning. 

Looking ahead to later on today, Chancellor of the Exchequer, Philip Hammond, is due to deliver his Spring Statement.

Mr Hammond is expected to warn about the potential impact of a no-deal Brexit scenario. 

This evening, the European Central Bank’s Benoît Cœuré is due to give a speech which may cause movement in euro exchange rates. 

If Mr Cœuré is pessimistic about the economic prospects of the Eurozone and takes on a dovish tone, the single currency could slide. 

Also on the table is the UK vote on a no-deal Brexit, with MPs expected to vote in favour of avoiding such a scenario.

If MPs vote against a no-deal it is likely that Sterling will see a further upswing on currency markets.

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