Brexit continues to dictate the pound’s value. Theresa May’s current Brexit deal is due to take place on 12th March, which could impact sterling.
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Unless May gains concessions from Brussels on the Irish border some believe that her deal will not be voted through by Parliament. If this is the case a vote will be held the following day on whether or not MPs will be willing to leave the European Union without a deal.
May could have something agreed behind closed doors with Brussels which could see an eleventh hour deal. The possibility of an extension to Article 50 has increased, delaying the UK’s withdrawal from the EU, and many believe that the likelihood of the UK leaving on March 29th with no deal has dropped.
Morgan Stanley stated recently there is less than 5% chance of the UK leaving the bloc without a deal and MPs have been vocal of their disapproval, their vote on the matter will be crucial.
If news filters through that an agreement has been reached on the Irish border this could result in sterling strength.
If you are selling euros and your funds are not yet available it may be wise to consider a forward contract, which essentially allows you to book your currency at current levels with a 10% deposit and then specify a date you are comfortable paying the balance.
There is little economic data of significance this week and Brexit remains the key factor on sterling value.
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