The pound had a solid trading day yesterday, finishing the day as the best performing currency of all the major currencies.
Sterling ended the day up almost 1% against the euro, dollar, Canadian dollar, Australian dollar and New Zealand dollar as the pound came back into fashion for investors.
|Currency Pair||% Change in 1 month||Difference on £200,000|
Reports hit the wires early yesterday afternoon that Prime Minister Theresa May was heading to meet with Jean-Claude Junker today with a plan to renegotiate once more on the Irish backstop, and could possibly be willing to shift her stance in order to get a deal that is acceptable.
Juncker also commented that he felt a deal was ‘in gods hands’ but it does seem that there appears to be a little traction and a possible compromise that may come off the back of it.
Today will be another key day in Brexit negotiations, which could lead to a volatile 24 hours or so for the pound.
Should talks appear to go well, then we may see a further shift in confidence behind progression of a deal and this may give the pound a further boost. On the flip side of this there is a chance that history may repeat itself yet again, Juncker comes out after the meeting confirming that the EU will not renegotiate at all and Theresa May could find herself back under pressure along with the pound.
My personal opinion is that I feel both sides need to make some progress to avoid either ‘no deal’ Brexit or an extension to Article 50, or effectively ‘kicking the can down the road’. Sterling actually broke through the 1.15 mark in yesterday's trading. The 52-week high of 1.1604 has the potential of being broken should we receive further positive news today or later this week.
For those looking to buy euros however it is key not to allow greed to take over common sense, time after time in the past few years the pound has spiked and had the potential to rise further, only to fall back and hurt those that waited for a better exchange rate.
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