Daniel Johnson
Senior Executive Dealer
Will we see a Brexit Extension?
Parliamentary vote on May’s Deal due to take place before the 12th of March to Influence the Markets.
Request a quoteBrexit 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 month | Difference on £200,000 | |
|---|---|---|---|
 GBP |  EUR | 3.38% | €7,680 |
| GBP |  USD | 4.37% | $11,160 |
| GBP |  AUD | 4.74% | $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.
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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A. Hawgood
UK
From start to finish with all contacts you feel like a VIP client even if you are exchanging small amount of currency. Always polite cheerful and give you straight talking advice before making the decision. Daniel Johnson and the team are a pleasure to deal with.
C. Lafferty
UK
Daniel Johnson was very helpful throughout the transaction. It was quick and hassle free. I would definitely use this method again.
D. Scamans
Excellent… can’t fault it… Thankyou Daniel.
I. Armstrong
UK
Daniel Johnson explained clearly and in an easy to understand way what the process would entail before I made the transaction to pay the deposit on an overseas property. The transaction was carried out in an efficient and timely manner and I felt no pressure at any time.