The sell-off in the Pound’s value eased yesterday, as the GBP/EUR pair remained range bound within the 1.12’s after a volatile end to last week as anyone watching UK news will be aware. Last week was a key time for Brexit May announced her Brexit plan and that a text has been drawn up between her government and the EU, and the markets saw one of the most volatile periods we’ve seen in a while.
The morning after May’s announcement there was a number of resignations from her government, with perhaps the most prominent being that of Dominic Raab the Brexit Secretary at the time who had only been in the position for a little over 100-days after former Secretary David Davis stepped down.
Relief for the Pound came yesterday when the resignations came to a halt, although there are still concerns that there could be the required 48 letters of no confidence which would call May’s position into question and at the time of writing there are apparently already 26 letters. These are mostly coming from the Brexiteer side who believe May’s plan is an opportunity missed and will leave the UK at the mercy of EU rule makers despite the UK paying for access to the EU’s customs union.
Those of our readers following the Pounds value should be weary of the increasing number of no confidence letters and as this could cause the Pound to fall quite dramatically. Today May will be in Brussels discussing the UK-EU future and Mark Carney, the governor of the Bank of England will be speaking for the first time since the Withdrawal Agreement was announced. He will be speaking about the November Inflation Report although I would expect him to be questions on UK monetary policy in the event of a no-deal Brexit as it’s currently looking like May’s plans won’t find the support it needs to be passed through parliament.
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.