GBP/EUR – Brexit Negotiations are key to GBP/EUR rates. Chief Brexit negotiator, David Davis resigned on Sunday stating Theresa May’s proposal for Brexit is unworkable. This also a view shared by Angela Merkel.
Davis felt like May was giving too much away in the current proposal and so resigned. His resignation was closely followed by Boris Johnson. The guy is clearly pursuing his own political agenda rather than any genuine care for the future of the UK. The timing of his resignation seems timed to try and cause maximum damage in Brexit talks and in turn Theresa May’s reputation.
It would not be surprising if he makes a move to oust May and go for leadership. It would be nice if there was unification in trying to get Brexit sorted rather than sabotage it.
David Davis has been replaced by Dominic Raab, former housing minister and ex lawyer. He was a prominent leave campaigner leading up to the referendum.
Boris has been replaced by Jeremy Hunt, former health secretary. It seems we are moving closer toward a softer Brexit which would be deemed a good news for the UK economy. The current lack of clarity on negotiations and worry surrounding the resignation however has certainly not helped Sterling. Investors are losing faith in the Pound.
With GBP/EUR now potentially in new buoyancy levels it may be time to reevaluate your target rate of exchange if you are a Euro buyer and have to move short term. 1.14 now looks difficult to achieve.
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