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As with most things in life, nothing is certain. However, Theresa May’s government still appear to be certain that the UK will leave the EU on the 29th March despite the insistence of many MP’s that there should be an extension to Article 50 or even a second referendum; the UK’s Prime Minister is living up to the description uttered by veteran Conservative MP Ken Clarke that she is indeed ‘a bloody difficult woman’.
This lady’s not for turning. Anything can happen in the next 67 days, yet given the precedent set so far, you would have to conclude that Brexit will be completed by then, whatever the consequences.
People hate uncertainty. The Government have so far resisted the temptation to keep pushing things to the back burner. This determination will probably be viewed kindly in the history books. A clean and quick rip of the band-aid might just be what the doctor ordered. The longer the thing rumbles on, the longer the pain will last.
What does this mean for currency and the money in your pocket?
It would be a fool who gave you any definitive answers to this question. There will no doubt be volatility in the forex markets as the crunch time draws closer and in the immediate aftermath. If you are concentrating hard there may be short windows of opportunity for you to grab a great deal on any currencies that you’re looking to purchase in the coming few months.
Whilst the narrative is skewed towards pessimism and doubt, it could well be the case that Sterling grows stronger after Brexit leaving you wishing you had left it a little later than you had planned to buy holiday money. We’re not in the advice business so all we advise is to lock in a currency when you feel it is at a rate that is good for you. All we can do is concentrate on providing the best currency delivery service focused on the needs of our customers.
When Parliament votes on the Brexit deal on the 11th December, its decision will cause instant reaction across the currency markets. Whether tha reaction is good bad or ugly will depend on your position, but whichever way it goes it should be the stabilising finish to the Brexit process.
With markets sitting on uncertainty it means many investors are making huge bets about what way currencies will go. Whilst these choppy waters continue, it will be a rather turbulent time for anyone buying or selling currency. The trick to buying and selling at the right time is….there is no trick. You have to try to foresee events and reach a general conclusion about what way the wind is blowing rather than analyse every tiny detail of world events.
It is very rare that markets will shift so significantly to cause you massive gains or losses in the short term and so you should continue to buy and sell when it is necessary for you. You can be a little up or a little down, but usually it will remain roughly level within a 24 hour period.
The key is to watch for those events on the horizon that history tells you will make an impact. The Brexit debate on the 11th is one of those events.
So on the 11th keep your eyes and ears on the event itself, don’t wait and see what’s happened on the 10 o’clock news that night because by then it’ll be too late.