One week for Boris to revise his Brexit deal?
According to reports in Bloomberg this morning the European Union have suggested that Prime Minister Boris Johnson has just one week to make revisions to his Brexit deal or he runs the risk of facing the prospect of the deal being postponed.
Eu Chief negotiator Michel Barnier has suggested that the latest deal is still short of his expectations and with the clock ticking Boris now really has to get his skates on if he is to pull off a positive outcome before the October 31st deadline. If the PM does manage to get a deal agreed with the EU it is widely thought that he has a good chance of getting it through Parliament, as many MP’s that had previously opposed Theresa May’s deal have now suggested they would vote in favour of a new deal as this would be better than a no deal outcome.
Should progress be made in the next seven days and a deal start to look likely then it is expected that the Pound may gain value, on the flip side if we are still in stalemate this time next week then you may find the Sterling Exchange rate start to wobble.
Monthly U.S Non-farm Payroll data released today
Economic data is having less of an impact than usual over the past few months as the focus for GBP/EUR is generally on Brexit and we are also fairly thin on the ground for any data out today from either the U.K or Europe. One piece of data of note however will be the U.S Non-farm Payroll data which is released at 13:30pm today. This is a monthly release and it can lead to a market correction and a swift movement for all major currencies. This is due to the fact it is a measure of the number of people in non agricultural employment in the States and the predictions can be quite widely out, so the market makes a correction quite quickly.
With EUR/USD being the most traded currency pairing this can lead to money moving into or out of the Euro and hence changing demand and moving the GBP/EUR exchange rate too.
If you would like to be kept up to date with the latest action or if you have a large currency transfer to make for a property purchase or sale then it is well worth getting in touch with us here at Pound Sterling Forecast. I have been assisting clients in this position for almost 12 years now and I would be happy to have a discussion with you personally to explain how I can help you with your exchange. You can contact me via the form below.