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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.

Currency Pair% Change in 1 monthDifference on £200,000
GBPEUR3.38%€7,680
GBPUSD4.37%$11,160
GBPAUD4.74%$16,980

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.

Parliamentary vote on May’s Deal to Influence the Markets

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.

News

Is the UK in potentially the last week of Brexit?

Is the UK in potentially the last week of Brexit?

Can Sterling and Mrs May find their feet, following the extension of the leave date until May 22nd?

By Gyles Freeman-Sear
UK Growth in 2019 to outpace Italy and Germany?

Brexit extension granted in Brussels

The EU has confirmed a conditional extension until 22nd May on the basis that a meaningful vote takes place and is agreed next week in Westminster.

By Steve Eakins
The PM’s message was clear but will MP’s react positively to it?

GBP Forecast – sterling’s Value Tumbles as Brexit Saga Rumbles on

Sterling sell-off pushed the pound's value down as PM desperately fights to save her Brexit deal.

By Matthew Vassallo
Read more articles

 

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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.