The European Commission has once again ruled out any reopening to the withdrawal treaty which was previously negotiated with the UK.

This contradicts what Theresa May is looking to do after she has asked a number of her staff to look at different arrangements to the Irish border issue, which remains a clear sticking point.

Currency Pair% Change (Month)Difference on £200,000
GBPEUR3.2%€7,350

Deputy chief spokeswoman of the European Commission Mina Andreeva claimed, ‘it is excluded that we renegotiate or reopen the withdrawal agreement because this is the best solution possible.’ These comments almost make a mockery of the attempts by the UK to try and negotiate a different deal.

It was only last week that European Council President Donald Tusk spoke out in favour of allowing the UK enough time to come to a suitable conclusion so the comments made by Andreeva appear to be different to what Tusk has said last week.

A warning to the UK?

Eurozone Economic Data

This morning brings with it the latest IFO data for Germany which will measure the business climate for April. As Germany is the leading economy in the Eurozone this data will often have an impact on what is happening to the single currency, so make sure you’re well prepared for what could be a busy morning.

Predictions are that the data could come out better than the expectations, which could bring with it euro strength; good news for anyone looking to convert euros into pounds.

We end the week with French Consumer Confidence data for April on Friday morning. The data has been generally falling during the last twelve months but has been improving since January.

Therefore, if the French release is positive combined with that of Germany we could see euro strength to end the week against the pound so make sure you keep your account manager aware of your current situation.

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