Market Report Extension or no deal?

23 October, 2019

Luke Dyson

After a busy weekend to start the week, it hasn’t begun to slow down just yet with multiple key votes throwing even more uncertainty into the mix late last night.

To kick it off the MP’s voted on the EU withdrawal agreement. with it now being approved after labour MP’s have thrown Boris a lifeline in an attempt to get “Brexit done” it had given sterling that glimpse of hope it had been looking for but only to be shot down in the second hurdle moments later.

With the second vote of Boris timetable to implement the Brexit deal being rejected. initially resulting with a referendum before the deal being approved it has now led onto pausing of the Brexit legislation and so round two of Boris blame game for the further delays which have been created.

Not looking to delay anything further Boris has now gone to continue discussions with all EU leaders to see if he can get an extension to the already approved Brexit deal after he failed to ram his agreement through last night.

At present, with sterling very range bound for the Euro, it is waiting for that confirmation to see what is happening next in order to make its next significant move. That being said weather you are a buyer or a seller with a pending currency requirement take advantage of the rate and remove your risk from the table as the exchange rate is on a knifes edge. Depending on what happens with the delay if there even is one, you could be multiple cents out within the space of a couple of hours.

Is it worth the risk?