Last night, MPs voted to reject the UK leaving the European Union without a deal, causing the pound to briefly further strengthen against the euro. The tight margin was a surprise, but the result had been widely expected. Parliament will vote this evening on an extension to Article 50, but we’re not out of the woods yet.
May’s deal has been rejected, as has no-deal, but both could still happen. The Prime Minister is still hoping to pass her deal by 20th March, in time for the EU summit on 21st March, and is also adamant that the legal position is that the UK could well still leave without a deal. A European Commission spokesperson stated that ‘…it is not enough to vote against no deal – you have to agree to a deal.’
In the US, Trump has been attempting to mitigate concerns he would walk away from a US-China trade deal, offering to push back a summit with Xi Jinping until progression is made.
We’re far from being out of the woods on Brexit yet – so make sure to lock in your exchange rate today with a forward contract. Call your Personal Trader on 020 7898 0541 to find out how.