EU Presidents push for Article 50

Since Theresa May announced that Article 50 would be invoked by the end of March 2017, GBP/EUR has fallen by 4 cents. She had been hoping for discussions and negotiations with other EU Leaders before beginning the legal process of leaving the EU, but it has been made very clear that this will not be possible, with Leaders following the EU Mantra ‘no negotiation before notification’.

French President Francois Hollande and President of the European Commission Jean-Claude Juncker have both stood by this motto, and are refusing to enter into any negotiations until Article 50 is triggered, endorsing the term ‘Hard Brexit’ – where the UK completely removes itself from the Single Market.

The British Government has announced that a second referendum would be an unacceptable way of moving forward, but that they would be debating and scrutinising the entire ongoing process. Theresa May is still standing by her expectation of guaranteeing the rights of EU citizens already living in Britain, so long as UK citizens living in EU countries are looked after in the same way. This has been an ongoing concern for May, something which she appears to be taking very seriously.

When is the best time to speak to a currency Broker?

Over the course of the last week alone, a €200,000 property purchase could have been over £11,500 cheaper if timed correctly. This just goes to show the importance of planning ahead for a large purchase. Some readers may believe that being in touch with a Currency provider is something to consider once they have found and are going through the process of buying a property. However, there are many reasons to be in touch with a dedicated Account Manager as early as possible. Firstly, we will keep you up to date with all market movements, and there are a number of options to help limit your exposure to volatility, and maximise your returns. A forward contract is where, for a small deposit, we are able to book out the full value you require at today’s rate of exchange, so it doesn’t matter which way the market moves thereafter. Other options available are Stop Loss and Limit Order contract to purchase your currency as soon as it hits the level you want. Either way, your Account Manager can help you to put together a plan that best works for you.

Get in touch with our brokers today to discuss your options, our team are available until 5:30 to take your call today on 01494 725 353.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.