Brexit Update

Another muted day in the markets yesterday, where there were no major currency movements to report as, is the norm this time of year. However we did see Euro gain half a cent on both GBP and USD. To put into perspective a 100,000 Euro property is now costing you £500 then it did on Monday. If you have a requirement before the New Year, markets are not predicting any large gains before then. Speak to your account manager today to discuss your options.

We did have some news on the transition period for Brexit, where the deadline has been set for 31^st December 2020. The ‘transition period’ is where the UK will still follow EU regulations during that period to avoid any immediate drastic changes to businesses after Brexit. This will give time for businesses to adjust to new UK regulations when they have come in and apply any changes that need be. Not news that will do anything major to the currency markets but certainly does layout the blueprints for the next round of Brexit talks.

Today we are expecting some news for the CAD, with both the CPI and Core retail sales out at 1.30. An improvement on last month’s figures will certainly see CAD make some ground on GBP – good news for those of you needing to sell CAD. If you need to purchase CAD speak to your account before 1.30 to avoid seeing a drop in rates.