Yesterday, the release of European no-deal contingency plans was enough to shake the pound into its largest one-day drop against the Euro in three months, registering a drop of some 1.30%; with no-deal becoming a far more likely outcome of the faltering trade talks. Media interviews on both sides of The Channel saw repeated claims that although talks were ongoing, with the next meeting of Johnson and Von der Leyen pushed back to Sunday; a day seen by many as the end of the road for negotiations.
For all clients who have pound trades in particular still to do, it is now more than ever, vital to get in touch with your account manager to discuss the risks above and how they can impact your bottom line. If news breaks over Sunday that the UK and EU are walking away from talks, the impact on rates could be drastic – with the prices moving from when Asian markets open at 10pm on Sunday evening.
With so little time left on the clock, today could feasibly be the last working day to get some of your risk off the table.
Have a great weekend.
Author: Joshua Haden-Jones, Senior Relationship Manager
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.
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