The pound reached a five month high against the dollar yesterday and rose against the euro on news that the UK and the EU had managed to agree on a Brexit deal. However, the pound lost some of its gains afterwards on news that the DUP won’t support the new plans.
The euro was also strong yesterday due to the news, however, the dollar was weaker as expectations of another interest rate cut increased.
Boris Johnson now has to convince MPs to back his new deal, and it’s not set to be an easy task. There could, therefore, still be plenty of volatility on the horizon, which is why we’d recommend locking in a forward contract. Contact your Personal Trader on 020 7898 0541 to find out more.
