Could next week’s Brexit vote boost the Pound vs Euro rate?

In today’s Pound vs Euro rate news, we’ll look at how we’re just 5-weeks from the scheduled Brexit date, with negotiations between the UK and EU beginning to heat up.

Talks have been ongoing this week between UK Prime Minister Theresa May and European Commission President Jean-Claude Juncker. During this time we’ve seen the Pound climb in anticipation.

Yesterday, the GBP/EUR pair breached 1.15 once again, with the highest level hitting around 1.1538 early in the day. May has confirmed via social media that progress has been made. She’s underlined the need for the UK to see legally binding changes to the Irish back stop that ensure it cannot be indefinite.

It was the issues surrounding the Irish border, and how Northern Ireland will be treated once the UK leaves, that resulted in Theresa May’s Brexit deal being voted against in record numbers.

There is another meaningful vote on her deal scheduled for the 27th of February. However whether this will still take place remains to be seen, as the previous vote was delayed. So I wouldn’t rule out another delay.

This vote is likely to be one of the main drivers of currency movement for the Pound over the next few weeks. If you wish to be updated if there are any major market movements, do feel free to register your interest with me.

Sterling has dropped off this morning after some unenthusiastic comments from Juncker. That said, GBP/EUR remains just below 1.15. This isn’t far from the highest levels of the year (1.1602), which still reflects a positive sentiment from the markets.

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. 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.