Home » Currency Note » Currency Note » Currency Note GBP » GBP: Sterling at one week low

The pound weakened yesterday due to continued Brexit uncertainty, losing almost a cent against the US dollar and down almost half a euro cent.

This initially came after Shadow Chancellor John McDonnell said that few Labour MP’s would vote for the Prime Minister’s withdrawal agreement, a vote which is likely to take place next week.

Sterling also suffered as the government reported that the much anticipated meeting between Attorney General Geoffrey Cox and Brexit Secretary Stephen Barclay was unlikely to have any breakthrough as of yet, with the possibility of talks extending into the weekend.

The marginally better-than-expected PMI data for UK services failed to help the pound strengthen, however some relief was provided by Governor of the Bank of England, Mark Carney. During his hearing with the House of Lords Economic Affairs Committee, he suggested that the City has underestimated future interest rate hikes, sending the pound back up a little.

Last night, the Scottish Parliament and the Welsh assembly passed a joint motion, calling for the planned exit date from the European Union to be extended. They also reiterated their opposition to a no-deal scenario, stating that it would be ‘completely unacceptable’. It will be interesting to see how the Prime Minister reacts to this, and if it will have any effect on the Brexit process.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

Secure and efficient transfers

Secure, quick and efficient transfers. Authorised by the FCA.

Protect against risk

Avoid losing money and protect against currencies moving against you.

Dedicated trader

Dedicated currency trader working with you to get the best value for your money.

Refer a friend or business

Recommend our services to your friends, family or colleagues and earn great rewards.