Could this week’s Brexit updates and Commons debates cause movement for the GBP/EUR pair?

Euro to Pound Exchange Rate: Easing EU lockdowns

After a disappointing day for UK Prime Minister, Theresa May yesterday the markets are awaiting another key Brexit related release at 11.30am this morning. Yesterday May suffered three parliamentary defeats in just one day, as MP’s look to gain more control of the Brexit process.

Yesterday’s parliamentary debate didn’t start until late in the evening as much of day was taken up by discussions surrounding whether or not the Government must publish the full legal advice it received regarding Brexit. It turns out they do and the report will be released at 11.30am this morning which the markets anticipate and there will also be another debate held in parliament spearheaded by a member of May’s Cabinet. This is expected to start this afternoon and there will be another 3 days of debates in the lead up to next week’s key vote on the deal next Tuesday.

Keeping on top of the data releases and Brexit updates is of course very difficult at the moment as the pressure ramps up on May and her controversial  Brexit plan. Some political commentators are suggesting May could even resign next week although personally I don’t think she will. If she does I think there would be a drop in the Pound’s value owing to the uncertainty this would create close to the expected Brexit date at the end of next March.

If you wish to be updated in the event of a major market movement for the Pound, do feel free to register your interest. At 12pm today May will be facing questions from Labour leader Jeremy Corbyn at PMQ’s. The Chancellor of Exchequer, Philip Hammond will be speaking at 1pm to give evidence to the Commons Treasury committee about Brexit, and at 1pm Sajid Javid will be the Cabinet member holding today’s Commons Brexit debate.

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 jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.