With the EU summit just a few days away could we be seeing a conclusion coming for the Brexit talks at the end of next week?
We have seen the Pound hit the best level to buy Euros for 3 months earlier this week but on Friday afternoon the GBPEUR exchange rate has started to fall as speculators appear to be trying to second guess what will happen next week on the foreign exchange markets.
The UK’s Brexit Secretary Dominic Raab is due in Brussels on Monday and he is there to try and get a deal organised prior to the summit due to take place on Wednesday.
I personally cannot see this happening next week and think that when the next summit takes place in November we could see a deal done by then and this could provide Sterling with its long await rally so up until then if you need to buy Euros in the short term it may be worth getting things organised in the near future as I think we could also see some large movements for the Pound vs the Euro next week especially during the two day summit as news filters out during the talks.
In the meantime Italy has been struggling as of late with its increasing trade deficit and at the moment they appear to be locking horns with the European Union as to what they will be spending on infrastructure so this particular news story will have further to run but in the meantime the over-riding influence for the Pound Sterling Euro rate will be that of Brexit.
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Tom Holian email@example.com