On Monday, the UK Government published 25 technical notices in its latest Brexit release, highlighting how a potential ‘no-deal’ Brexit scenario could affect British households and businesses. More on these publications and growing concerns about a 'no deal' scenario in today's market report. The table shows the range of Euro exchange rates throughout the past month.
|Currency Pair||% Change||Difference on £200,000|
The notices covered a variety of areas from airline travel to haulage, whilst adding to previous releases which suggested a ‘no-deal’ outcome could affect food imports, pensions and credit card payments.
The publication identified potential concerns surrounding transport between the UK and EU nations, with the potential for suspensions of services if industry standards were not accepted and reviewed by both parties.
As pressure mounts on the looming March 29th exit date, Prime Minister Theresa May has warned that negotiations are at a stand still and that the EU must come up with new and realistic proposals that will see the UK separate.
This new information has also come to light following PM May’s recent comments that a ‘no-deal’ is better than any ‘bad-deal’, which is contributing to continued uncertainty in the markets and putting pressure on investor sentiment in Sterling.
It is a relatively thin week for key UK economic data, with the main focus being the outcome of GDP data for Q2 on Friday, but there is the potential for market movement following the speech from Bank of England Governor Mark Carney in Frankfurt, on Thursday.
The GDP result is expected to show no change from the previous, so an increase could see favourable sterling movement going into the weekend.
This being said, Brexit uncertainty of late has arguably hindered the gains which could have typically been expected from positive economic data, such as the unemployment figures seen last month.
This could suggest a tough week ahead for GBP, unless we see new indications of a Brexit deal or at the least positive comments from EU officials surround the matter.
Clients in the market selling Sterling should keep in contact with their account manager, in order to keep up to date with the latest market information, if anticipating a short – medium term transfer.
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.
It was efficient, felt very secure with the checks made along the line and a very good rate of exchange.
Excellent service. Contacted in the morning transferred funds. My bank in Spain received money the following morning. Brilliant.
We always use foreign currency direct. Completely happy with the service, fast and friendly.
Very good. Very efficient. Excellent rate.