Theresa May rejected Michael Barniers plans on the Irish border

21 September, 2018

Pratheep Prabaharan

This week the pound strengthened and the rate spiked due to inflation figures coming in higher than expected. The spike was short-lived as Theresa May rejected Michel Barniers plans on the Irish border but managed to gain some strength after.

The market is very sensitive and volatile, especially with Brexit uncertainty. Mrs May stated that it’s EU’s turn to compromise and it’s likely that there wouldn’t be much movement until then. If you’re buying a property overseas and want to secure your cost ahead of purchase then its worth considering as the pound is unlikely to move much higher. Is it worth risking and gambling all your funds for a property purchase? Do you have funds available to cover if the rate drops 5% or more if we have a No Deal Brexit? Time is of the essence so get in touch with your Account Manager today to discuss your requirements.

There are calls for a second referendum within the EU and political groups in the UK. Fifty or so politicians stated they will vote down Chequers in its current form so the risk of a no deal scenario remains high and this certainly puts pressure on sterling strength in weeks to come. Anyone with an upcoming currency purchase should be in close contact with Currency Index, so that they know exactly what is happening and exactly what their options are. We can be your eyes and ears and keep you well informed in terms of the market and upcoming events that could potentially affect the pound. Information is key, so get in touch today.