“The pound has reached a two-year high against the euro and rose against all major currencies this morning, as Scotland voted against independence.
Overnight Scotland voted to remain as part of the United Kingdom with the result in Fife confirming that the “No” campaign had won. As a result we have seen the pound strengthen across the board peaking at 02.24am this morning. Since then it has lost a little ground, remaining at its strongest level in more than a fortnight against the dollar, and close to a two year high against the euro.
Moving ahead we can expect the focus in currency markets to return to macroeconomic factors, namely who will be first to raise interest rates and when that will happen. The UK remains the front runner with Q1 2015 looking likely to be the timing of the first hike.”
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