With the UK due to leave the EU on 29 March 2019, it is hoped that during a critical EU Summit in Brussels this week that enough progress will be made ahead of the Brexit Summit in November to finalise the terms of the UK’s withdrawal.
With much speculation in the media, it is unclear how close Britain is to finalising a deal. EU Chief Negotiator Barnier seemed to suggest the EU and UK were close to coming to terms on an agreement, then Brussels downplayed this idea, saying terms were still being discussed around the clock. Sticking points include a backstop with regards to a border between Northern Ireland and the Republic of Ireland, immigration rules and customs union terms.
Content Source: XE.com
Over the past month the Euro has lost ground against Sterling. Influences such as concerns over an Italian budget deficit and the weight of inflation data from Germany pushed the Euro lower against the Pound.
As we countdown to Brexit D-Day, this month’s Euro Summit looms large on the world’s political and economic calendars. The threat of a no-deal Brexit could create volatility on the currency markets and impact the value of the Pound. Yet if a deal is reached at the October summit, this could end a long period of uncertainty.
Whatever happens, our currency experts will be monitoring the events leading up to, during and after the Brexit Summit.
Nobody can predict for sure what will happen in the months leading up to and after 29 March, or how the UK will be impacted once a deal has, or has not, been reached. It seems reasonable to assume that there will be volatility for the Pound whilst the deal is being negotiated at the key milestones leading up to the deadline. You can view our Countdown to Brexit Timeline here .
We can be your eyes and ears in the market, with a range of currency tools to help you monitor market movements. With an HiFX account, you can also create personalised Rate Alerts to let you know when your desired exchange rate becomes available.
If you’d like to discuss your situation with us in more detail, please contact us, and our team will be happy to help.
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