Sterling drops to 2-month low against Euro

Hi everyone,

 

The Pounds resilient performance this week lasted just one-day, as investors took fright at the recent political developments in the UK. David Frost has told Parliament that the EU needs to evolve its position in order to reach an agreement, as the current policy will not be agreed.

The EU's Chief Negotiator Michel Barnier has written to the Brexit committee, saying the EU remain open for a two-year extension and there is also reports suggesting the EU have shifted their position on the fishing rights issue. Frost has confirmed again that an extension will not be required and there doesn't need to be a fisheries agreement in place before June, for talks to carry on. Boris Johnson is expected to travel to Brussels in mid-June to push talks along, following the EU Council's conference. 

A €750B stimulus package proposal was announced yesterday by the European commission, to help EU economies combat the 'corona-damage'. The recovery fund is a mix of grants and loans and will be made available from January 2021, but first must be debated at the European council. If agreed by EU nations, this will strengthen the € initially, but in the long run may hurt the single currency.

It's now clear, Brexit will be the main driver for the £ moving forward, so prepare for a roller-coaster ride in June..

Finally, for anyone planning on buying a property in Spain. Please read our hot topic blog below from our partners Sun Lawyers, on how to get a power of attorney without leaving the UK.

 

 

 
 
 


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Ian Daly
Trading Floor Manager

 
 
 
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