The pound is still in a strong position after MPs voted to delay Article 50 last week. The amendment has not yet been approved by EU leaders, however. They are due to meet at the end of this week, and all twenty seven of them will have to concur, in order to approve an extension.
This week, the Prime Minister is expected to hold a third ‘meaningful’ vote in order to get her Brexit deal through the Commons. Despite this, Chancellor Phillip Hammond yesterday stated that a third vote would only be put to MPs if “enough of our colleagues and the DUP are prepared to support it”.
He warned that, even with the DUP’s support, a “short extension” would be needed to pass legislation in Parliament, adding that it was now “physically impossible” for the UK to leave the EU on the 29th of March.
With another busy week in the House of Commons, it’s reasonable to expect another volatile week for the pound. Do not leave your transfers to chance. Make sure to lock in your exchange rate today with a forward contract. Call your Personal Trader on 020 7898 0541 to find out more.
