Although there are no major economic data releases for the UK economy today, there could still be movement for Sterling exchange rates owing to some key meetings taking place in Brussels. Today the Brexit secretary, Dominic Raab will be meeting with chief EU negotiator Michel Barnier in Brussels to discuss the current Brexit plan as time to agree on the deal runs out. This comes at an important time as next week on the 18th and 19th there will be an EU summit where Brexit will once again dominate the discussions.
Apart from today there will also be some key talks on Wednesday when Michel Barnier will present a draft political declaration to the EU commissioners and ambassadors. This will represent the last chance for the UK to alter it’s stance before the Summit next week so I expect the talks today and the EU update on Wednesday to have the potential to move the markets.
Sterling has gained in value against the Euro over the past week and its currently trading around its highest levels since early July this year. This has happened as rumours that the contentious Northern Irish issue is closer to being resolved. According to reports the UK Prime Minister, Theresa May is planning to change her ‘back stop’ agreement which keep the whole of the UK in a ‘temporary customs arrangement’ rather than just Northern Ireland which was the original plan.
With this topic likely to be a key talking point this week those following the GBP/EUR rate should be weary of this, as it’s the main driver of the Pounds value at the moment.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.