We’re now less than a week away from what’s being billed as a meaningful vote on UK Prime Minister May’s Brexit plan, after the original date set in December was postponed.
May decided to postpone the vote at the last minute owing to fears of a landslide loss and these concerns remain. The GBP to EUR exchange rate has remained range-bound and traded within a thin range over the past week as the markets await the outcome of the result. Some market commentators believe that the GBP/EUR rate could fall dramatically in the event of a no-deal Brexit so next week’s vote is key, as it could pave the way for either a deal or no deal Brexit.
It’s been reported that some high street bookies are offering odd’s of 3-1 that GBP/EUR will hit parity during this years trading which would be the lowest level for the pair in the history of the Euro. The lowest the pair have reached is 1.02 and that was back in the height of the financial crisis in 2009.
Yesterday evening the UK government lost a vote regarding amendments to the Finance Bill which may now make a No-Brexit more difficult, and this loss was the first in 40-years according to reports. Today the debate on the EU withdrawal agreement in the House of Commons will begin for the first time since the winter recess period, so there could be market movement if any major updates are announced.
If you wish to be kept updated regarding the GBP/EUR rate do feel free to register your interest with me, as working on a trading floor allows us to react to the moves as they happen.
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 email@example.com and I will endeavour to get back to you as soon as I can.