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Pound US dollar exchange rate: GBP/USD Slips as UK awaits EU’s permission for Brexit delay

A spokesman for the European Commission responded to the vote, saying: “We take note of tonight’s vote. A request for an extension of Article 50 requires the unanimous agreement of all 27 member states. It will be for the European Council to consider such a request, giving priority to the need to ensure that functioning of the EU institutions … President Juncker is in constant contact with all leaders.”

Prime Minister Theresa May will now attempt to gain support for her withdrawal deal for the third time, with a vote on her deal due to take place on 20 March – just nine days before the date the UK is due to leave the EU. 

Sterling traders are still remaining jittery today as it is a technical possibility – as last night’s vote was not legally-binding – that the UK could still be leaving the EU on the 29 March. 

Focus is now on the 27 EU members who will determine the length of the Brexit delay. 

The US dollar, meanwhile, has benefited from a weakened Sterling today, as traders await the publication of the US industrial production figures for February, which are generally expected to improve. 

These will be followed by the release of the US Michigan Consumer Sentiment Index figures for March, which is expected to decrease to 95.3 against February’s 93.8 – potentially weakening the greenback. 

Political disputes between the White House and Congress are still ongoing, with President Donald Trump’s national emergency declaration over the Mexican border voted against by 59 to 41 in the Senate. However, this is not enough votes to override a veto from Mr Trump. 

The GBP/USD exchange rate is likely to remain sensitive to Brexit developments into next week, with no significant UK economic data due out until Tuesday. Any indications that the EU will be forthcoming with an extension to Brexit, however, could see the pound soar. 

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