If you’re going to buy Euros, it may help you to know that the Tories could lose between 800-1,000 seats at local elections this Thursday, estimates a report issued by Conservative peer Lord Hayward. Local councils and Tory canvassers have reported that the public are frustrated that Brexit has not been implemented and plan to send a clear message to Prime Minister Theresa May.
The response on the doorstep is that MPs have not respected the referendum result and instead done all that they can to frustrate the process. Approximately, seven in ten MPs voted to remain and still want the UK to stay within the EU.
The anticipated results could be catastrophic and could even be worse than those suffered in 1995 by Sir John Major. Sentiment on the doorstep is that this is an opportunity to kick the government, particularly Theresa May, for the terrible handling of the Brexit process.
Elsewhere, cross-party talks between Labour and the Conservatives are set to resume today. However, a breakthrough seems unlikely, given both parties’ unwillingness to cross their red lines. Labour leader Jeremy Corbyn is also under the spotlight, as pressure mounts on Labour to clarify its position on Brexit and a second referendum.
To date, Labour has tried to keep both ‘remainers’ and ‘leavers’ happy. But, with other parties such as the Brexit Party now actively targeting Labour ‘leave’ voters, after successfully targeting Tory ‘leave’ voters, there is increased internal pressure for Labour to take a position.
Should I buy Euros now or wait?
Despite the negative sentiment, the Pound has remained firm, and movement against the Euro has been very limited. In fact, Friday’s trading saw only a 17 pip movement between the highest and lowest trading points, a difference of approximately €350 on a trade of £200,000. Monday’s trading thus far has been equally flat.
For more information or to discuss how current events may affect your Euro transfer, please do not hesitate to contact me.