The Pound has lost more than 0.5% against the Euro since the start of trading today as Theresa May’s hopes of a breakthrough appear to be fading away. This may be useful information if you plan to sell Euros in the foreseeable future.
Will Theresa May get the support she needs for her Brexit deal?
The Prime Minister has been battling with the DUP, as she struggles to win over votes to support her Brexit deal in Parliament. If Theresa May can gain the support of the DUP, then it is expected that the European Research Group, led by Jacob Reese-Mogg, will also support the deal.
The DUP have highlighted key areas that need to change for their approval. Firstly, there must be no divergence in Great British/Northern Irish regulation. The DUP want the withdrawal agreement to reflect this. Secondly, the DUP is insisting on a seat at the table when UK/EU trade talks commence. Lastly, despite the DUP insisting this is not about money, it seems likely that the DUP would request more funds for Northern Ireland.
However, the Speaker of the House, John Bercow has now warned the Prime Minister that he will block any attempt to schedule a third meaningful vote, unless significant changes are made to the motion. The government must demonstrate that any new motion is different to those that have been allowed previously. The second meaningful vote was allowed on the basis that substantial changes had been made to the first motion, but that can’t be said this time round.
What does this mean for when to sell Euros?
The Pound has slipped from its 22-month high against the Euro as doubts about the third meaningful vote grow and pressure mounts on the UK government. With another volatile week looming, should you have any questions about any forthcoming Euro transfers, please feel free to get in touch. You can email me directly here.