If you want to know the best time to buy Euros, you might like to know that, as it stands, the UK will leave the EU this Friday 12th April without a deal in place. Prime Minister Theresa May is currently in Brussels attending the EU Summit. Mrs May will address the 27 EU country leaders and request an extension to Article 50.
The GBP/EUR currency market has been stagnant today, with highs of 1.1639 and lows of 1.1583. The currency markets are waiting to see what happens at the EU Summit and how that will affect the UK’s position.
Donald Tusk, the European Council President, has hinted towards agreeing a flexible extension of up to a year which, in theory, would allow the UK to leave the EU when they are ready. But at what price will this extension cost the UK and Parliament?
Many questions remain. If an extension is granted, how long will the extension last? Will the UK government and Labour agree on a compromise? If not, MPs will have to vote on a range of options again. If a long extension is granted, what will our UK government look like in six months’ time? It is unlikely Theresa May will still be in charge and a general election could be on the cards.
With public sentiment generally negative towards current politicians, we could see a large shift in politics and new faces taking the lead. If an extension to Article 50 is refused, does the UK leave without a deal or cancel Brexit altogether?
We are in for a bumpy few days and weeks. If you need to complete a currency transfer and would like to discuss these factors, and their potential impact on the currency markets, get in contact to find out how we can help.