Home » Currency Note » Currency Note » Pound hits 22-month high as MPs prepare for Brexit debate

It’s crunch time for Theresa May’s withdrawal agreement. The Prime Minister announced new ‘legally binding’ changes to the backstop issue after a last-minute meeting with Jean-Claude Juncker – and the pound hit a 22-month high as hopes rose. But will it be enough to pass it through Parliament?

We are extending trading hours to help protect your funds against sudden movements – call your Personal Trader today on 020 7898 0541 to lock in your exchange rate.

The Prime Minister announced last night that her meeting with Juncker had resulted in a ‘joint legally binding instrument’, which would allow the UK to start a formal dispute if the EU attempted to keep the UK tied into the backstop.

She also announced a unilateral declaration, which will set out the UK’s view that nothing prevents is leaving the backstop arrangement if discussions break down.

Meanwhile, US retail sales disappointed, failing to make up shortfall from December. Brexit hopes buoying the pound caused the dollar to weaken. Today we will see inflation figures, which could have an important impact on the dollar.

We can’t emphasise enough how much volatility is on the horizon – so lock in your rate today with a forward contract. Speak to your Personal Trader on 020 7898 0541 now to protect your money.

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