The Pound has fallen by two cents vs the Euro during the course of the week as the pressure mounts on Sterling exchange rates.
The meeting on Thursday in Salzburg went badly for the UK with a number of EU leaders rejecting the Chequers plan offered by Prime Minister Theresa May.
She left the meeting disappointed and said if Chequers will not be approved then the EU will need to come up with their own plan.
Theresa May gave a statement on Friday afternoon which caused further losses for Sterling when she confirmed that the UK will not hold a second referendum. She has also suggested that she may be prepared to walk away from the talks if another solution is not offered by EU.
The Brexit talks are now at a stalemate and with the Irish border still not yet decided the UK remains in political limbo and this is why we saw the Pound collapse at the end of this week.
Meanwhile European Council President Donald Tusk has said that a Brexit compromise is still possible. He also went on to say ‘while understanding the logic of the negotiations, I remain convinced that a compromise, good for all, is still possible.’
During the course of this week the Pound has fallen by as much as £2,300 on a currency transfer of EUR100,000 which highlights the importance of keeping up to date with what is happening in the foreign exchange markets.
With further uncertainty ahead concerning the Brexit issue I think this could continue to weigh heavily on Sterling Euro exchange rates and until we get some form of clarity as to what is happening then I think we could see the Pound fall even further against the Euro.
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 (Tom Holian) on email@example.com and I will endeavour to get back to you as soon as I can.