Brexit extension looking likely

Hi everyone,

I thought I would give the whole 'corona-crisis' news a break today and turn attentions to the recent Brexit talk that is doing the rounds. There are reports suggesting the UK will have no choice but to ask the EU for either a 1 or 2-year extension. The UK have until the end of June to ask and agree on an extension, otherwise the reality of WTO terms will become almost a certainty. 

Firstly, an extension will be seen as positive for Sterling because it gives more time for a 'good' deal to be achieved between the EU & UK. Secondly, it will allow for adequate time for businesses to get accustomed to the new changes, creating less pressure on them and lower general market anxiety. Lastly, because of the coronavirus, businesses are thinking about just one thing right now, survival. It is therefore the only sensible option available and so an extension is sure to be agreed way ahead of the June deadline.

The Pound continues to perform well this week and surprisingly beat PMI forecasts earlier this morning. Yesterday, the FED reserve launched another programme to pump more Dollars into the world economy, which has had a positive effect on the £. This is because there is now less demand for the $ and investors like the look of the Pounds current value.



 

 

 

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Dan Waterman
Sales Director

 
 
 


 

 
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