The Pound has so far this month experienced a lot of movement against the Euro touching 1.15 on a couple of occasions before briefly dropping again.
The Pound to Euro exchange rate is being massively driven by the Brexit talks and with the sentiment having been shifting between positive and then negative recently this has been the reason for the volatile movement so far during November.
Up until last Friday morning the talks were going the right way but then Transport Minister Jo Johnson announced his resignation and his reason given was that he was not happy with the current Brexit proposals being offered.
Indeed, he even went on to say that he thinks the UK should hold a second referendum but clearly under Theresa May’s stewardship this will not happen as she has confirmed on a number of occasions previously.
Over the last couple of days the Pound has been edging up against the Euro as the talks are getting closer to concluding. Theresa May has even claimed that although the talks have been very tough the UK and the European Union are in the ‘endgame.’
Today, Theresa May will be meeting with the Cabinet at Downing Street to discuss the current plans and suggest the best way to sort out the Irish border issue.
According to some sources a deal will need to be done in the next twenty four hours if we are due to have another EU summit so depending on how today goes this could have a big impact in the short term value of the Pound against the Euro.
If the talks go well this will presumably allow for another EU summit to take place which means getting closer to the Brexit talks being concluded. Time is clearly running out so the pressure is mounting and Brussels will only hold the summit if an agreement can be reached on the Irish border issue which remains the key sticking point.
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Tom Holian firstname.lastname@example.org