We are now just one day from potentially the biggest day of the year for Sterling Euro exchange rates as the House of Commons are due to meet to vote on the latest Brexit deal on offer by Theresa May.
Only last week the Attorney General Geoffrey Cox came back from Europe with little changes made to the current Irish backstop agreement and therefore it looks highly unlikely that the vote will go through tomorrow.
If this happens then the next step will be to vote on whether or not to look at voting in favour of a no deal Brexit, which is also highly unlikely to happen. This will then mean that the chances of Article 50 being extended go up and it will be interesting to see how this is reflected in Sterling exchange rates.
I think we could possibly see Sterling go in an upwards direction against the Euro if a no deal is completely removed from the debate as this will provide a lot of assurances for British business.
However, it does not remove the uncertainty as to how long the Brexit talks will continue so we could be in for a lot of movements on GBP/EUR exchange rates during the course of this week so make sure you’re well prepared to act quickly if you have a currency transfer to make.
As we saw towards the end of last week there was a lot of movement on Friday afternoon with Sterling Euro rates moving up and down by over half a cent owing to the uncertainty of this week’s potential vote.
Over the weekend some Tory MPs have urged the Prime Minister to potentially delay the vote, but with less than three weeks to go before the UK is due to leave the European Union, times is clearly running out so to delay this vote could cause huge problems politically for the Prime Minister.
With so much uncertainty this week concerning Pound Euro exchange rates we could see a lot of movement on rates making your currency transfer more or less expensive so if you would like a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.