Sterling has fallen against all major currencies overnight after the volatile day yesterday which saw the Brexit talks stall.
Prime Minister Theresa May is currently under a lot of pressure to try and form an agreement with the DUP in order to sort out the Irish border once the UK has left the European Union.
We saw the talks stall yesterday afternoon which if they had gone well this could have moved the discussions forward.
However, the DUP have said that they will not agree to a deal which would involve Northern Ireland being treated differently to the rest of the United Kingdom.
As we saw earlier in the year the Tories formed a coalition with the DUP and it is crucial for them to be happy in order for things to progress.
The next Brexit summit is due to take place on 14th December and Theresa May is under an enormous amount of pressure to get things resolved before then.
If she can do this then this could mean talks could begin on what happens to trade after the Brexit date between the UK and the European Union.
Theresa May will continue to try and negotiate with EU president Jean-Claude Juncker and both are looking to form a deal before the end of the week.
Clearly Sterling is reacting badly to the uncertainty and until we get some clearer picture as to what could happen then we could see the Pound continue to struggle over the next few days.
Theresa May’s main focus is now likely to be on the talks with the DUP and this issue will be crucial in order to see what happens next going forward.
Indeed, already this morning the Pound has fallen further so if you’re transferring money overseas in the short term it may be worth getting something organised very quickly.
If you need to make a currency transfer over the next few days or weeks and would like further information or a free quote when buying or selling currency then feel free to get in touch.
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