It has been an eventful few months since Boris Johnson took over as Prime Minister- we have seen Sterling exchange rates fall by around 7-8% and then bounce back another 5% over the last month, both moves have provided great opportunities for both Sterling buyers and sellers.

Last week, Boris Johnson’s revised Brexit deal commanded a majority at the House of Commons at a vote on Tuesday night, however, Parliament followed this with voting against the PM’s planned timetable for passing the legislation quickly to leave the EU by October 31st.

The PM has now had to ask for a delay for Brexit, and will be awaiting an answer from the EU on Monday 28th October as to how long this delay will be- many are estimating that this will be the end of January, but many countries would prefer a longer one to guarantee Brexit is done in the time allocated.

The reality for the Pound now is that a “No Deal” Brexit is very unlikely so chances of Sterling weakening because of this are slowly diminishing- and it does seem that this Government are making some kind of progress with Brexit, however on Monday, we could see fresh uncertainty return as Boris Johnson will be calling for a general election in December.

Right now it is unclear whether he will get 2/3 of the house to vote with him to put this into motion- and it is also unclear whether the Conservatives would emerge from this election with a majority in the House (The only result which would boost Sterling.) With parties such as the Brexit Party and Liberal Democrats offering alternatives to voting Labour or Tory, we may see the public vote for one of them as a protest vote, which could lead us to another hung Parliament.

The Fed is also expected to cut rates this week which should weaken the Dollar and provide some strength into commodities such as Silver & Gold at the end of the week.