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Brexit talks put pressure on the pound

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EURO = 0.86

STG = 1.115

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Theresa May held crunch Brexit talks with Conservative MPs as Brexit Secretary David Davis led a revolt due to the terms of the ‘backstop’ plan. The Brexit secretary made threats that he would resign if the PM did not add a deadline to the ‘backstop’ proposal. With the relationship between the two appearing to be deteriorating by the day, sterling exchange rates struggled throughout the mornings trading session until reports were released suggesting a final leave date has now been added to the proposal.

The ‘backstop’ proposal is a fallback agreement which will state that the UK will remain part of the customs union for an extended period of time if the UK and EU cannot come to an agreement by March next year. No surprises Brexiteers are not happy with the arrangement as the UK will remain closely linked to the EU and this could have an influence on future trade deals that the UK try to put in place.

The EU summit at the end of the month had the potential to have a major impact on sterling exchange rates and with the recent commentary coming from the Conservative party I believe this has amplified the situation. Unfortunately I don’t believe its good news for clients buying a foreign currency, as its only a matter of time until the PM confirms that the UK and EU cannot come to an agreement in regards to the Irish Border.

Quite simply if I were buying a foreign currency I wouldn’t taken any risks and would look to make arrangements sooner rather than later.

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