This morning the EU released their draft treaty, and to the disappointment of UK Prime Minister Theresa May the Europeans have announced that Northern Ireland could remain part of the customs union, which puts a spanner in the works for the UK PM.
Mrs May has already made it clear that Brexit will not split up the UK, therefore this news is problematic and that’s why the pound has lost value throughout the day against all of the major currencies.
Tomorrow the Conservative party will meet to discuss Brexit, and some Tory MPs have warned the PM that they wont allow her to water down Brexit in a bid to keep the Europeans happy and therefore pave way for trade talks.
Nevertheless, I can’t see any Conservative MPs going against the PM, therefore her speech on Friday should go well and I believe she will state the Conservative party are united, regardless of the current problems they face.
For clients that are buying or selling the pound in the upcoming months the next 2 days could have a major influence on the exchange rate that you will receive and putting a plan together now could help to maximise your returns.
The currency company I work for saves clients money against high street bank and other brokerages. If you are buying or selling property abroad and have been refereed a certain brokerage, it does not necessarily mean that you are receiving the best rates therefore you should get a second quote.
Feel free to email with the exact amounts, timescales and I will give you an idea of how much it would cost now and my strategy going forward. A useful contract at the moment is a limit order which means we target a rate for you. The best email to reach me on is firstname.lastname@example.org.
In other news the UK release their latest mortgage approvals numbers tomorrow morning which give a good indication of the strength of the housing market. A slight rise is expected which could give a small boost to the pound. However Markit Manufacturing numbers are released at the same time and are set for a slight fall. The data releases could counter act one another.