The pound is extremely susceptible to Brexit news and this week Brexit news appear to be rife. With sterling having strengthened against most major currencies during the course of last week, it did seem like a deal had been on the horizon, only for Jo Johnson to quit as Transport Minister late on Friday which rocked sterling back to end the trading week.
|Currency Pair||% Change in 1 month||Difference on £200,000|
The pound began the day nervously, dropping against all majors. It appeared as though sentiment for how Brexit negotiations were going changed on an hourly basis.
On Sunday evening, UK and EU negotiators sat up until 02:45am and following that meeting it appears that progress had been made. Yesterday Michel Barnier appeared confident that things were moving in the right direction.
News hit the wires over the course of the trading afternoon that the Cabinet had agreed with Theresa May on her Brexit plans, and also that Michel Barnier has now said that if we are to see an EU summit to be scheduled for November 23rd as had been suggested last week, a provisional agreement on a deal would need to be in place before the end of tomorrow.
Should both sides manage to get together and put a provisional deal in place by tomorrow night we may see a surge in the value of the pound, but we must be wary that if the UK miss Barnier’s deadline and the next EU summit doesn't take place until December then the pound may be in for a tough week.
The latest Brexit news, after another long night of negotiations is that Brexit talks may be now ‘in the endgame’ according to Theresa May. However she has also commented that she will not be forced into dropping her requirements to fudge a deal with the EU. I feel that the next 24-48 hours will be exceptionally key for Brexit as a whole, and that we will have a great deal of volatility as news hits the wires throughout the next few trading days.
It does feel like we are edging closer and closer to a deal but the talks remain fragile. If you have a currency exchange to carry out in the coming days, weeks or months then it would be prudent to make us aware of it so that we can keep you up to date with the very latest market movements.
Top currency broker. Fantastic Daniel Wright was really helpful. I have now changed my currency broker I have been with for 10 years to yourselves.
The whole process was simple by Daniel Wright. He described the various stages to the process very clearly & was always available to talk to. A very knowledgeable & friendly person! I highly recommend Foreign Currency Direct.
Superb none better. Impeccable service. So so efficient. Absolutely delighted with the way this company works and especially Daniel.
Would always recommend them. They have their fingers on the pulse and could not be more helpful. Have dealt with Daniel Wright every time who is polite, patient and charming.
We spoke with Daniel for only a few minutes and the funds were in our Spanish Bank Account later that day at the best exchange rate one could get on the day. We would never use anyone else to transfer our funds abroad.