Sterling supported by PM Cameron

February 3, 2016

Research Team at Rabobank, notes that the Sterling strengthened slightly against the euro to 0.757 in the afternoon trading session, as it found some support from comments by PM Cameron, who indicated that the draft proposal on Britain’s EU membership would serve as a sufficient basis for him to campaign to keep the UK in the EU. 

Key Quotes

“Although this has raised the chances of a deal being reached before or at the 18-19 February EU summit, the plans – which include a four year ”emergency brake” on welfare payments to new immigrants from the EU – fell way short of demands made by Eurosceptics. 

As such, this is still far from a race run. Indeed an “in” campaign in the run-up to a referendum in the summer combined with news headlines of rising immigrant flows into the EU could still backfire when the British people make their way to the polling booths."

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