Pound exchange rates have pushed through the 1.15 level to reach the highest level since April. This has now seen the pound rally 3% since the end of October, a difference of £8k on a €300k money transfer. This comes as Theresa May is to chair a special cabinet meeting on Wednesday to discuss a draft Brexit withdrawal agreement. Sources report that the text has been agreed at a technical level by officials from both sides after intensive talks this week.
Could this be the start of a significant pound rally?
This all sounds a little bit like the ‘boy who cried wolf’ at the moment with continued rumours creating significant shifts for the pound. Once again this shift has been created by rumour as opposed to hard facts. We have seen this on a number of occasions over the last few weeks and on each occasion the rumours were unsubstantiated. My feeling is that, in this instance, a deal is close. The BBC’s chief political correspondent Vicki Young said individual cabinet ministers were likely to be shown the full draft text this evening as a prelude to a full meeting on Wednesday afternoon. If a deal can be struck then I would look for the pound to push towards 1.18 in the coming days……..euro buyers watch this space.
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