The Pound vs the Euro has hit its best rate to buy Euros since the end of May during Friday morning’s trading session but since then we have seen Sterling retreat from those highs against the single currency.
The brother of Boris Johnson, Jo Johnson has announced his resignation after disagreeing with the current Brexit proposals put forward by Theresa May.
He argues that they are not in the interests of the UK and the only way to stop this from happening is to hold a second referendum, something which will not happen under Theresa May’s stewardship.
He wants the UK to ‘pause and reflect’ before continuing with the current plans as he believes this is not in the public’s interest and it could cause ‘chaos’ if the UK leaves without a deal.
As Johnson is such a popular character in the Tories his resignation has divided the party and he now becomes the sixth member to resign under Theresa May’s government which highlights the fragility of her current party.
With so much division within the party this is likely to cause further instability for the Pound and if we see any other members also resigning this could cause further problems for the party and the Pound.
In the meantime we have still seen some very strong UK GDP data on Friday but the overriding factor affecting the future of the Pound against the Euro is that of Brexit.
Only a fortnight ago UK Brexit Secretary Dominic Raab was claiming that a deal could be done by November 21st and although Downing Street quickly denied the claims as speculative as far as I can see there’s no smoke without fire so his claims could have some justification.
If you have a currency transfer to make involving Pounds and Euros in the short term it may be worth getting this organised early next week. If you would like further information or a free quote then contact me directly and I look forward to hearing from you.
Tom Holian teh@currencies.co.uk
