Boris has clear intentions of leaving the EU
9 October, 2019
It’s been a rough start to the week for sterling! we have seen over a cent in the downward movement for GBP/EUR and Cable since market open Sunday night resulting in 1-month lows for both. This is after the markets have taken in that Boris has clear intentions of leaving the EU with or without a deal come the 31st October with the following comment “come what may”. Following this he has begun a legal route to ensure Brexit takes place if the UK and EU cannot agree on a deal and so attempting to invalidate the Benn act, which allows Boris to not request an extension to article 50 if an agreement isn’t secured by 19th Oct. Allowing Sterlings downward trend to go the distance.
After suffering such blows, it isn’t over yet. Sterling is in for a rocky time in the week ahead after discussions between the EU and UK have been put to bed by Angela Merkel following the morning call between Her and Boris. It is said that negotiations are on the brink of failure and there will be no Brexit deal unless Northern Ireland remains in the Customs Union forever. With this been said Boris is now full steam ahead for crashing out of the EU but also has the intention of blaming anyone, he can get in his sights for the results of his actions.
With the likelihood of leaving the EU without a deal come the 31st Oct becoming higher and higher, it has thrown more fuel onto the speculative fire and so turbocharged sterling’s already a downward movement. If you are looking to purchase a property abroad or have any pending FX please don’t wait around until the moves have already been made. Get in contact with your currency consultant to discuss strategies to hedge your bets and limit your exposure in this concerning time.
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