The last week went pretty much as expected as far as politics is concerned, PM Theresa May’s deal was rejected and MP’s voted to file for an extension of Article 50- which could now mean more volatility for the Pound.
GBPEUR hit a 22 month high of 1.18 briefly through the volatility before dropping back off to the 1.16 area, which was fantastic for clients using market orders as many have now secured rates between the 1.17-1.18 area.
This week there will be a final vote on PM Theresa May’s Brexit deal, as MP’s have opted to take a No deal Brexit off the table, there seems to be a chance that the current deal may now be taken, if this is the case, there may still be an extension to iron out all of the details on the deal. The EU has said that they would prefer a long delay, as they believe 3 months won’t be enough, but more clarification will be given after the vote and the EU summit.
Brexit headlines will be dominating the markets this week, alongside the BoE interest rate decision on Thursday- we are now in an interesting territory for those of you selling Sterling.
I am currently taking appointments with clients (Both private and corporate) to go over their requirements, setting budget rates and implementing hedging solutions to mitigate their exposure to the current turbulent markets. If this is something that you feel may apply to yourself or your clients please reply back to this email with the below information and we can set up a call.
- Company (If Applicable)
- Currencies Required
- Annual FX Turnover
- Budget Rate (If Known)
- Telephone Number
Once I have received the above we can set up a time to speak and go over your requirements in further detail.