After hitting the best rate to buy Euros with Pounds since mid 2017 earlier this week the Pound has once again come under some pressure overnight after the latest Brexit discussions in the House of Commons.
MPs voted 317 to 301 in favour of changing the Irish backstop arrangement which is the deal aimed at avoiding a hard border in Ireland if we crash out without a deal.
However, it appears as though the European Union are in no mood to re-open negotiations and this is why we have seen the Pound slip back against the Euro.
Indeed, European Council President Donald Tusk has claimed that ‘the backstop is part of the withdrawal agreement, and the withdrawal agreement is not open for renegotiation.’ There have been mixed comments from the leaders in Europe with Irish Foreign Minister Simon Coveney saying that the Irish backstop is ‘necessary’ even after the vote last night.
However, the vote last night means that at the moment the withdrawal from the European Union is still due to take place by the 29th March and this is why the Pound has fallen against a number of different currencies overnight.
Yvette Cooper’s amendment to delay Brexit if a no deal happens was rejected and this increases the chance that we may still be forced to leave by the end of March.
Personally, I think there is still time to keep on negotiating as the European Union clearly also wants to avoid a no deal Brexit but with the clock ticking this is keeping the pressure firmly on Sterling.
In the short term I think the Pound will continue to struggle to make any real gains so if you’re in the process of sending money to Europe it may be worth getting something organised in the near future.
I have worked in the foreign exchange industry since 2003 and I am able to offer you bank beating exchange rates so if you have a currency transfer to make and would like to save money when buying or selling Euros then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org