The pound fell overnight on the news of more Brexit trade talk problems. However it starts the week more or where it was this time last Monday against the euro and only about a cent down against the US dollar.
Given where we are in the Brexit saga according to this morning’s news – perhaps closer to no deal than ever – the fact that the pound is nearly 10% higher than this time last year against USD and roughly level against EUR is good news for anyone with an upcoming trade (if they’re selling pounds, anyway).
It’s certainly a critical week, with the penultimate round of Brexit talks starting tomorrow. I’m reminded of a sculpture just across from the City of London in Tate Modern, that seems to represent where we are today. “Three Points” by Henry Moore, is a massive curved chunk of bronze sitting on the ground. It all comes together in three menacing points that almost meet but don’t quite. You tend to ignore the mass and focus all your attention on the three points that almost touch.
That’s where we are with Brexit trade talks. After all the millions of words and discussions and arguments over the past five years it will come down to a handful of people talking to each other, and it’s not going well.
The same goes for thousands of British people aiming to get residency in the EU this year. All those years of planning and dreaming of a retirement in the sun, and if you do it in the next month or two it’s incredibly easy and if you don’t it might be difficult, what with the need to get a visa, health insurance etc. There is still time to do that, especially if you get the help of our partner at Property Guides. If you have a friend keen to move, do send them a buying guide.
Getting back to currencies, the pound is still reasonably strong compared to recent history, but no deal could see it fall significantly in the weeks ahead.
Do call your trader on 020 8108 5337 to secure today’s rate for the year ahead.
