As we enter the final weeks of a turbulent year and the official Brexit deadline, we are still no closer to understanding if there will be a deal between the UK and Europe, or not. Facing a potentially volatile end to the working week, the European Parliament has set a deadline of Sunday to agree upon the terms of a deal. Should there be no light at the end of the tunnel and a deal no closer, the pound could potentially be sold off as a No Deal becomes the obvious outcome. Currently sitting at 1.3543 against the dollar and 1.1049 against the euro, momentum has taken a breather as the market awaits a further update.
Having yet another call last night, Boris Johnson and EU Commission President Ursula von der Leyen checked in on progress of the negotiations after agreeing to continue further last weekend. In an official statement made after the call, the only update from the Prime Minister’s side was “that the negotiations were now in a serious situation”.
With just the one working day until the EU’s deadline of Sunday, it is imperative that you speak to your account manager should you have an exposure in currency. By the time the markets reopen on Sunday evening, there could be possible currency moves in either direction, depending on the state of play with the negotiations. A method of mitigating risk is to set a firm order to protect or take advantage of currency moves. Contact us to find out how we can help.
Have a great weekend.
Jack Nicholls, 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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