Home Newsflash: Brexit Votes Inspire 1% Swings in GBP/EUR, GBP/USD

Newsflash: Brexit Votes Inspire 1% Swings in GBP/EUR, GBP/USD

Posted by on March 14th, 2019. Connect with us on .

This week’s Brexit votes have dominated headlines and driven GBP movement, with the Pound experiencing significant fluctuations.

Notably, GBP/USD surged over three cents (hitting a 9-month high) and GBP/EUR struck a fresh 21-month high after climbing nearly 2 cents.

What’s been happening?

  • Brexit deal vote – The Brexit deal was rejected, once again, on Tuesday, triggering heavy Pound losses.
  • No-deal Brexit vote – A no-deal Brexit was rejected by 391 to 242 on Tuesday. Sterling reversed Tuesday’s losses and climbed almost 2%
  • Brexit delay vote – Still to come

These developments throw up a variety of possible outcomes, ranging from a General Election to no Brexit at all, but fundamentally it makes the prospect of a Hard Brexit less likely.

However, it’s worth noting that just because MPs voted against a no-deal Brexit, it doesn’t make it law and it’s still very possible that the UK could crash out of the EU on the 29th March or on a future date.

With another vote ahead and the future of Brexit still unclear, further Sterling volatility is likely.

If you want to keep track of the latest currency movements, log in to your online account to check live rates and set rate alerts.

Other services you might be interested in include:

Limit order – Target an exchange rate higher than the current rate and we’ll make your transfer automatically if the market reaches that level.

Stop loss order – Control the risk of an exchange rate suddenly falling by setting a worst-case rate. You can wait for conditions to improve but know your transfer is protected if they worsen.

Forward contract – Fix the exchange rate for up to two years ahead of making a transfer.

Currency wallets – Buy currency now and keep it in your wallet until you need it.

If you have a currency transfer coming up and want to talk through your options, please get in touch by calling 0800 612 9625  or +44 (0) 1736 335 250 or emailing info@torfx.com.

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