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Pound to euro LATEST: Sterling ‘BULLISH’ despite Brexit uncertainty as deadline looms

Portfolio Manager David Slater of the Trim Macro Fund argued that the Pound Sterling is looking “bullish” with the Brexit deadline just under three weeks away. Mr Slater added that UK equities would see a similar effect to the Pounds strength but warned that it may see some volatility. He told CNBC in an interview: “I think you have got to be looking at Brexit in terms of the outcome that is going to happen.

“A lot of the markets are pricing the same kind of thing and they are pricing a very bad outcome for the UK.

“I think the net result of what is going to happen is the reduction in uncertainty for the UK.

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“Which is bullish for the currency and bullish for UK equities.”

The UK could conclude the withdrawal process as soon as Tuesday evening when MPs have the opportunity to vote on whether they want to leave the European Union on Theresa May’s deal.

If the Prime Minister’s deal is voted down once again by the House of Commons MPs will vote on Leaving with no deal the following day.

And if both these votes fail, MPs will vote on whether to extend Article 50 which will involve asking the EU 27 nations to allow the UK an extension.

This Brexit uncertainty hasn’t impacted the pound as dramatically as previously indicated and the strength of the British currency has surprised some analysts.

David Sneddon of Credit Suisse last week also said: “We were stuck in this drudge range that we have been in, volatile for the last year.

“The key thing for us with sterling in trade away terms broke out of that range a couple of weeks ago.

“I think this means economically or in terms of market wise we have ruled out no deal.

“The no deal risk has gone down to almost absolute zero.

“It doesn’t say we are going to get a soft Brexit to some degree or how it plays out if we get an extension.

“But I think with Sterling the market has said no deal is gone.”

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