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UK Prime Minister Theresa May finds herself travelling to Austria this week to address European leaders at the EU summit.  Depending on the outcome, I expect the pound could gain or lose 1-2% when we receive commentary about the event, however trying to predict the outcome is difficult. Mrs May’s plan is to continue to reinforce that the Chequers proposal is the only option. More on the topics due to be discussed at the summit along with economic data releases coming out this week in the Sterling report below. The table shows the range of exchange rates for a number of currencies throughout the past 30 days highlighting the importance of timing your transfer.

Currency Pair% ChangeDifference on £200,000
GBPEUR2.33%€5,140
GBPUSD3.34%$8,520
GBPAUD4.79%$16,000
PM Boris Johnson Reaffirms Commitment to a Brexit Deal

In recent weeks we have had some positive news, which has shifted expectation, and many believe a deal is likely to be reached between the UK and EU at the EU summit in November. The positive news came when Head EU negotiator Michel Barnier told the press that he believed a deal could be reached within the next 6-8 weeks, in other words at the EU summit.

Furthermore, Theresa May should have a smile on her face when she travels to Austria, as an article in the Times this morning suggested that the Europeans are preparing to accept a deal on the Irish Border by the end of the year. The report suggested that Technology will be used which will minimise customs checks in Ireland, which essentially means no hard border! Unsurprisingly off the back of the positive news, the pound strengthened across the board throughout yesterday’s trading period.

UK inflation to fall slightly

This week the key economic data release to look out for is UK inflation on Wednesday. Reports are suggesting that UK inflation could fall slightly to 1.8% from 1.95. The only saving grace is that in recent weeks, average earnings numbers and growth forecasts have both increased therefore the outlook of the UK economy is better than forecasters had thought. I only expect the pound to fall by a minimal amount if the numbers are released as expected.

For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.

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News

Pound Rises as Brexit Trade Negotiations Restart

Pound Rises as Brexit Trade Negotiations Restart

The pound surged more than 1 percent against the euro and 1.5 percent against the US dollar on news that the UK and EU will restart trade talks.

By Chris Doane
Brexit and Returning Lockdowns Impacting GBP Value

Brexit and Returning Lockdowns Impacting GBP Value

Pound sterling lost ground against the euro and US dollar yesterday as returning lockdowns and Brexit cast shadow over UK economic recovery.

By Steve Eakins
UK Economy Braced for Difficult Winter Months

UK Economy Braced for Difficult Winter Months

After the post lock down surge in activity over the summer months the economy is braced for a tough time through the winter months.

By Michelle Fox
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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.