The Pound vs the Euro touched 1.14 during Friday’s trading session as it appears as though the tone towards Brexit is improving.
According to some reports the UK has been able to agree a deal for financial services with the European Union post-Brexit and this has helped push the Pound in an upwards direction vs the Euro.
This could be a huge coup for the Prime Minister as it means that businesses could be in a stronger position as this would help remove some uncertainty.
This news was followed by Brexit Secretary Dominic Raab’s claim that a final deal between the UK and the European Union could be agreed by 21st November. However, this has been denied by Downing Street who claimed that the story was speculative.
Meanwhile the tone from the Bank of England on Thursday was much more positive with the governor Mark Carney calming fears over a no-deal Brexit and that he fully expects a deal to be done between the UK and the European Union.
I am inclined to agree with him as there is too much at stake to not put a deal together and I think it will be a matter of time before things are resolved.
The real issue though is that even if the UK and the EU can come to some form of resolution the UK will still have to get the deal ratified in parliament and that could be very tricky as the Tories do not have a majority.
Next week the first important bit of economic data for the Eurozone will come with Retail Sales for the continent and we end next week with a huge amount of UK data.
Friday brings with it UK Industrial and Manufacturing Production data as well as UK GDP data so expect a busy end to the week if you’re planning a currency transfer.
If you would like to save money on exchange rates when buying or selling Euros and would like a free quote then email me directly with a brief description of your currency requirement and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org