According to reports from Brussels, the other EU countries are very much into the “moving on” stage of Brexit. Bored by Britain’s inability to decide how and whether to leave, and with political problems of their own as the European elections aproach, they’re going to ignore the whole thing until the end of the current deadline of 31 October.
If only the currency markets were feeling the same way. Rumours (perhaps put about by the Government) that the Withdrawal Agreement deal with the Opposition was 99% done briefly sent the pound up to a couple of month’s high at the weekend.
While that now looks hopelessly optimistic, the fact that no paths currently lead to No Deal is maintaining the pound at a really rather good level.
It seems very unwise to rely on that, however. The continuing uncertainty over the Prime Minister’s survival, combined with the near certainty of a more ardent Leaver Conservative taking over, really does mean that all options remain on the table.
With a few “normal” weeks ahead of us between school holidays and Bank Holiday weekends, we know that many thousands of home hunters are grabbing the opportunity to fly out to look at properties.
We wish you all good luck, especially in this “Brextension” opportunity. But I strongly urge you to speak to your trader before you make an offer to see whether locking in your rate with a Forward Contract would be the safest option for you.
A fall in the pound’s value – which is all too likely by the time you come to pay – will leave you high and dry otherwise.
Call your trader on 020 7898 0541.
