January 18, 2017 | 3years | In the News
So yesterday’s big news was of course Theresa May’s Brexit speech.
The market story was sterling’s monster rally off the back of it.
Is that it? Is the worst over for sterling now?
It could well be…
The pound’s miraculous recovery
If ever there was a case of “buy the rumour, sell the news”, this was it. Or, to be more accurate “sell the rumour, buy the news”.
Sterling sold off hard in the days running run up to May’s speech.
Early on Monday morning it hit $1.19. It hadn’t been that low since, well, May’s last big speech on the subject – back in October, when we got the “flash crash”.
Only this time, sterling rallied.
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