All English Finals but yet no success in Europe
10 May, 2019
Although our football clubs have found success in Europe, it seems though Britain is still far from finding any success. The pound to euro exchange rate has slumped this week in a shocking reversal after last week’s gains. Sterling has remained sensitive to Brexit twists and turns and has not reacted positively to suggestions, discussions between the Government and Labour party were close to collapse.
The pound has shunned away from major currencies following the news. At 10.06am UK time, Sterling was trading hands at €1.1613 versus the euro. The pound fell lower against the euro at 3.47pm and was worth €1.1589. Sterling has suffered three consecutive days of losses against the Euro and Dollar, but losses faded late on Wednesday and into Thursday after markets digested statements released by both the Government and Labour Party negotiators indicating progress in their talks were, in fact, being made. Labour proposals for a customs arrangement with the EU after Brexit have been a main point of contention in the cross-party talks.
The statements appear to be a response to reports made by ITV Political Editor Robert Peston on Wednesday that the talks were close to failure which in turn sparked a sell-off in the Pound. On the other hand, a new report by an economic think tank yesterday claimed a customs union Brexit would deliver an £80 billion annual hit to the UK’s national income. This would leave people an average of £800 a year worse off, the findings suggest.
With the sterling being so sensitive and so much data coming through, it’s having a significant impact on the sterling, it is important as ever to stay one step ahead and keep in touch with your account manager, especially if you have a large overseas payment to make in the near future.