This week all eyes turn back to the UK Government and in particular the Prime Minister Theresa May. Tuesday evening members of Parliament will vote on the Prime Ministers plan and at present media stations are expecting a major loss for the Government. Some media stations are reporting they expect a loss by over 100 votes. If this materialises I expect her position will become untenable and her resignation will follow shortly after, or she will be ousted if she fails to resign.
The problem for the Conservative party is that they are torn in two, therefore appointing a new leader looks close to impossible at this stage. My personal view is that former Brexit Secretary Dominic Raab is likely to be a favorite to take over, as he will continue with the original plan however he will go back to Brussels and demand they drop the backstop agreement. However if Mr Raab fails to get the backing from the party then it’s likely to pave the way for a general election.
All in all, it’s not looking good for people that need to buy euros with pounds short or medium term and therefore making arrangements now or at least formulating a plan seems sensible. The currency company I work for can achieve clients better rates than using their own bank. Furthermore we have the ability to undercut other brokerages therefore if you are buying euros, with the rates being so low at present, comparing rates of exchange is an absolute must.
For people that do not have all of there sterling available at present but could pay a small deposit, we offer a forward contract which allows clients to buy euros now and pay later. For more information feel free to email me directly on email@example.com.
In other news there are a few important data releases to look out for this week including GDP, industrial manufacturing and unemployment data all released tomorrow morning. Of course its important to take the data releases into account if you are trading short term however I expect investor focus to be on the Parliamentary meaningful vote at 7pm.
For more information on Brexit and the process of using Foreign Currency Direct plc feel free to email me directly on firstname.lastname@example.org.