Pound to Euro rate volatility: Is a no deal Brexit still an option?
The pound to euro exchange rates have seen a lot of movement on the interbank exchange this week with the pound mostly gaining this week. Boris Johnson was defeated in parliament and we could see further progress with the House of Lords due to be confirmed later on today.
The bill is designed to force the Prime Minister to look for an extension to the current 31st October deadline. However, Johnson’s government want to leave the European Union before the end of October even if they are unable to agree a deal and they want to try and have an election. Currently, there is not enough support for an election, so Boris Johnson is coming under more and more pressure.
In terms of the pound vs the euro the decreased chances of a no deal Brexit have provided the pound with some support. This has come as good news for anyone looking to send money to Europe but could the gains be short lived?
There is so much uncertainty surrounding the Brexit debate and deadline so even if the pound does rise the gains vs the euro could potentially be rather limited.
Labour leader Jeremy Corbyn rallies opposition against a ‘no deal’ Brexit
In the meantime, Labour Leader Jeremy Corbyn is due to be holding a conference call with a number of the opposition leaders. They will be planning how to avoid a no-deal Brexit. they will also discuss how they will vote when it comes to what will happen if and when a general election is proposed once again.
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