Sterling climbs, heads for first quarterly gain vs dollar since 2015
Forex market reaction after the official triggering of Article 50 today was relatively muted since the event was already expected and there were no new details in the letter.
But at one point the pound was below $1.24 and market analysts warned Britain to brace itself for an extended period of volatility. Investors would need to see a more detailed timeline of the negotiations.
Mr Juckes, like many other analysts, doubts that the pound has much further to fall against the dollar, after having slid 17 per cent since the June 23 referendum, a period when selling sterling against the USA currency was the way to make money.
The pound seems to have taken the trigger of Article 50 in its stride, and economists suggested growing political turmoil in Europe ahead of the upcoming French election could boost the United Kingdom currency.
Sterling weakened 0.1 percent to 86.96 pence per euro.
Brexit throws the United Kingdom into the unknown now and it is uncertain what it means for the British pound.
In other foreign exchange trading, the onshore Chinese yuan retreated 0.2 per cent to 6.8917 per United States dollar as of 11.20am, versus 6.8795 late on Tuesday.
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Crude oil costs have been advancing steadily today, enabling Canadian Dollar gains against the Pound, Euro and US Dollar. Defeat for Marine Le Pen, the far-right candidate, in France's presidential election, which is decided in May, could provide a further boost.
While there may not be a significant impact right away, it will be the EU's response in the coming days that will be more telling about the future of the pound.
He notes that cable and sterling's exchange rate with the euro traded more or less in line with each other over the past 12 months, giving a correlation of 76 per cent - compared with just 40 per cent for the preceding nine years.
It is up about 3 percent in the past two weeks as accelerating inflation fuels expectations that the Bank of England is moving towards tightening policy, and is also benefiting from broad dollar weakness.
The pound has also been sensitive recently to British economic data, which has started showing mixed signs.
However it's likely that sterling will remain volatile against the world's major currencies.
James Hughes, chief market analyst at GKFX, said, referring to the often-vague Brexit saga, the more detail that traders received, the more it eased the uncertainty that caused sterling's slump previous year.
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