If you intend to buy Euros, it may interest you to know that the pound has fallen against most currencies last week, as a break down in cross-party talks has occurred.
The high we saw last week on the pound to euro exchange rates was 1.1590 and the low has been 1.1390. Earlier this month we saw a high of 1.1775. So the pound has been on the back foot recently and seen a drop of 3.5% in the last two weeks.
Is the Euro going up or down against the Pound?
Prime Minister Theresa May has scheduled a fourth Brexit vote in Parliament for 3rd June, and she has called this proposal a “new, bold offer”.
This “new, bold offer”, according to reports, will include a number of concessions covering workers’ rights and environmental protection. Importantly, this new proposed deal will not include an option of a second referendum.
Theresa May has warned that, if this fourth deal does not go through Parliament, then the country would have to chose between a general election, a no-deal exit or a second referendum.
Parliament has rejected her last three attempts by 230 votes, 149 votes and 58 votes. It is very likely that Theresa May will resign if her fourth deal is rejected by Parliament
Ministers jostling for the top job, such as Boris Johnson and Dominic Raab, have already mentioned they would take the UK out of the EU without any agreement in place. This would cause high volatility in the currency markets and likely see sterling weakness.
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