Will the UK be leaving the European Union by default on Friday?

Over the past few months rates have been sitting within a 2 cent range as the will we/won’t we exit the EU saga endures. However, rates against the Euro began to dwindle throughout the day yesterday, pushing towards the lower end of rate range as anticipation over the looming default Brexit day draws closer. With very little in the way of economic data today, markets will continue to digest Brexit developments as Theresa May spends some time on the charm offensive by visiting with French President Macron in Paris and Chancellor Merkel in Berlin to persuade them to back her request for a second extension to on Brexit to the 30th June to allow more time for cross-party talks to continue in an effort to break the deadlock.

All eyes will be on the EU summit which is set to meet in Brussels tomorrow where the Prime Minister is desperately hoping all 27 leaders will agree to her request for a further extension, with the option of an earlier Brexit day if a deal can be reached. Tomorrow will also be a busy day for eco stats as the UK posts some key data for Manufacturing and Industrial Production, Trade Balance and GDP. All of which can move the markets should results differ from expectations. The ECB also announce their latest Interest Rate decision which is due to remain unchanged at 0% and the US post CPI Inflation figures and the FOMC policy minutes.

With the likelihood of market volatility still high, those of you with Sterling in hand and an upcoming requirement might like to give us a call. The time line is tight with the current deadline set for Friday, so don’t get caught up in what could be a costly couple of days. Call us to speak to one of our friendly brokers to discuss how we can help you mitigate you risk and reduce the headache of international money transfer. Our limit and stop loss orders could be a helpful tool for you to lock in at your preferred rate and should the market drop, secure at a level that is still affordable for you.