We have seen Sterling make gains against the Euro of late following comments from Chief Brexit Negotiator for the EU, Michel Barnier. He stated a Brexit deal could be realistically put in place in a 6-8 week time frame. Although this is certainly more positive than previous comments there is still concern from investors.
The PM’s job is under threat and political uncertainty never helps the currency in question particularly in the middle of some of the most important negotiations for this country in over 50yrs.
Shadow Brexit Secretary, Emily Thornberry suggested Labour will vote against any kind of Brexit deal as it stands as she believes the likelihood of the Conservatives being able to agree on a deal within the current time scale to be highly improbable.
Bank of England Governor, Mark Carney may have weakened Theresa May’s position in talks last week by stating that if May manages to convince EU members to loosen certain parameters and go with the principles set out in the Chequers plan the economy could expect a boost of up to £16bn. This may not have been wise to announce this to the public as EU negotiators will now be aware of the potential benefits to the UK if Britain gets it’s way.
There has also been news that Greece is finally on a the right track in terms of paying the International Monetary Fund (IMF) with positive economic data. This bodes well for the Euro considering there were real concerns Greece could leave the bloc.
Last week following the European Central Bank’s (ECB) interest rate decision it was confirmed that Quantitative Easing would be ending this year which has boosted investor confidence in the Euro.
I think there is still the potential for GBP weakness as Brexit talks intensify and if you are buying Euros short term it may be wise to take advantage of current levels.
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