Sterling dropped this morning after Theresa May revealed her changes to her Brexit plan – dashing hopes that she would announce a second referendum, which had caused the pound to soar before her speech.
The Withdrawal Agreement remains unchanged and, amid opposition from both her own party and Labour, it looks like it will be difficult to even get her bill in June to a second reading. All this means more uncertainty and volatility on the horizon.
The euro is also low, although benefitting from sterling’s weakness. Fears over a surge in Euroscepticism, with European elections held tomorrow and the results announced on Saturday, are making the markets cautious.
The dollar hit a three-week high against a basket of currencies yesterday and is still at a two-week high today, benefiting from the weakness of other major currencies.
It’s going to be a choppy end to the week for the markets, so call your Personal Trader today on 020 7898 0541 about protecting your money. You can completely remove the risk of this volatility by lock in an exchange rate for up to a year with a forward contract – so start planning today.
