After an initial Monday morning bloodbath on sterling, with a depreciation of 1.20% seen against the euro and 1.60% against the dollar – pound pairs recovered some of their ground to open slightly lower this morning, as news of the UK walking away from negotiations “within hours” failed to materialise. Although both Boris Johnson and Ursula von der Leyen agree that there are still “significant differences” between the two negotiating camps still – they have asked for their teams to prepare overviews of the work done thus far for the two leaders to attempt to hammer out a last ditch deal when they meet later this week.
According to the BBC, Wednesday or Friday this week seem like the most logical dates for them to meet – but nothing has yet been confirmed to this end, with sterling very much still on a knife edge with regards to currency movements. For now, regardless of the UK being the first nation to vaccinate a citizen with the new COVID inoculation – it is all very much about Brexit, Brexit and more Brexit.
As seen yesterday, with so little time left on the clock, headlines can absolutely decimate the pound – it is vital that for all clients looking to move pounds, particularly into euros or dollars, that a strategy is put in place for this next week with regards to your upcoming transfers. At any given time this week, it could be the difference of thousands to your bottom line.
Have a great day.
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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