The Pound to Euro exchange rate dropped yesterday to almost the lowest levels in the past year, as the chances of a no-deal Brexit appear to be increasing. The UK’s Prime Minister, Theresa May yesterday announced that she’s postponing the vote on her deal within parliament after previous saying that it would be taking place later today, and since then we’ve seen the Pound continue to drop in value touching new annual lows.
When compared with the US Dollar, the Pound has dropped to its lowest level in 20-months and as previously mentioned, the GBP/EUR rate is close to its annual low which is just below 1.10. During Theresa May’s announcement yesterday she stated that she will be travelling to Berlin to seek assurances regarding the Northern Irish back-stop where she will meet a number of EU leaders such as German Chancellor Angela Merkel.
The hope for Downing Street is that some European leaders, especially Irish Prime Minister Leo Varadkar, will be willing to agree changes to the current Brexit deal which will guarantee to avoid a hard border within the Irish sea. The Irish back stop agreement has so far been the biggest sticking issue and its resulted in the DUP party (the Northern Irish party that props up May’s Conservatives) refusing to support May’s Brexit plan. May decided to postpone the vote because of the lack of support she would receive and Sterling has come under pressure since although some positive economic data from the UK this morning and offered the Pound some support at least for now.
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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.