The SGD to pounds interbank exchange rate has hit 0.5740 today, its highest in 14 weeks, or since February 15th. A partial explanation for this is that UK Prime Minister Theresa May has announced her resignation.
The Polish zloty versus British sterling has reached 0.2036 today. This is its highest point since March 3rd 2019, or more than 10 weeks. In part, this is because Poland's GDP rose faster than forecast in early 2019.
The pound to baht interbank exchange rate stands at 41.02 today at the time of writing, its weakest in over 11 weeks, or since February 24th. In part, the baht has strengthened, as Thailand's Electoral Commission this week announced the results of Thailand's recent election.
The UK's Brexit talks strongly influenced the major sterling currency pairs in March, as MPs debated the UK's exit from the EU.
Jacob Rees-Mogg, the leader of the pro-Brexit European Research Group (ERG) affects the sterling vs euro interbank exchange rate in the following way.
Michel Barnier is the European Union's (EU) Chief Brexit Negotiator. When Mr. Barnier has suggested that a Brexit deal looks nearer, the value of sterling has often risen.
Article 50 gives any member state of the EU the right to exit unilaterally. The article allows for 2 years to negotiate this exit.
The relationship between Brexit and the currency exchange rate so far has been that, the closer the UK looks to agreeing a deal with the EU, the further the pound strengthens.
The pound interbank exchange rate rose against the euro, US dollar and Australian dollar in February! This is primarily because it now looks much less likely that the UK will crash out of the EU.
Sterling gained in January, as Parliament took on a larger role in Brexit. This is leading investors to hope that the UK retains ties with the EU.