Tory Party to Consider Plans to Remove May

2 October, 2018

Pratheep Prabaharan

With little data from the UK this week, much of the focus remains in the ongoing uncertainty surrounding Brexit as it seems further than ever from a clear Brexit plan.

Last week Theresa May firmly and confidently stated that she was committed to the decision made back on June 16 to leave the EU. Mrs May also mentioned that there will be no 2nd referendum whilst she is the leader.

There are talks in the Tory party to consider plans to remove her from power. If there are more rumours during the conference then it’s likely that the pound could weaken and as a result, the GBPEUR rate could fall.

In the last couple weeks, we have witnessed all major currency pairs move like a rollercoaster mainly due to Brexit talks and other key data that was released.

We’ve gained over a cent on GBPEUR rate compared to the last couple weeks due to the market correcting itself. Markets may be pricing in the chance of a ‘no deal’ Brexit perhaps another reason for the pound to strengthen.

If you’re buying a property overseas and want to save money on your currency transfer, why not consider a forward option to secure your cost ahead of completion. It’s worth taking advantage of the current rate in case it falls further.

A forward option is a great way to ensure you secure a rate ahead of purchase by paying 10% of the full amount of currency you need and the outstanding on completion.

There a 3 major events that could affect the rate in coming weeks;
1. Tory conference followed by the EU summit due on 18th Oct 2018.
2. Last week the Chequers plan was rejected with no explanation therefore with alternative plans, the rate can be very sensitive and volatile during the EU summit.
3. Brexit meeting in November with a date yet to be agreed.

With so much uncertainty, it’s clear that no one can give a clear indication as to what will happen to the rate in coming weeks.

I highly recommend that you get in touch with your Account Manager today to discuss the best options for you to save money on your currency transfer.

The rates the best we’ve seen in months so give us a call for a live rate as we can assure you the best rate on the market.