Daily Afternoon Report 29.03.2017

Daily Afternoon Report 29.03.2017

Sterling Wednesday moved off intraday lows as U.K. invoked Article 50 to leave the EU.

The pound was off 0.23% at $1.2418 at 09:00 ET after an intraday low of $1.2378.

Sterling had briefly edged higher hitting an intraday maximum of $1.2475 before falling back again.

The British unit was up 0.30% at €1.1548 against the single currency. The euro was off 0.52% at $1.0757.

In a letter to EU President Donald Tusk, PM Theresa May urged talks on “our future partnership alongside those of U.K. exit.

“We are leaving the Europe Union but not Europe,” May said.

May said it was in Britain’s interests for the “European Union to succeed and prosper.”

In response, Tusk told reporters he could not pretend this was a “happy day in Brussels or London.”

He said there was a “positive” side to Brexit in that it reinforced the remaining 27 EU members’ will to remain united.

Tusk said that the negotiations with London were a question of “damage control.”

He ended his comments by saying: “We already miss you.”