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Pound Rattled as Brexit Bill is Approved

March 14, 2017 11:34 am Published by

Parliament has passed the Brexit bill to allow UK Prime Minister, Theresa May, to trigger Article 50. The vote was won by 274 votes to 135. This will formally start the two-year countdown to Britain leaving the EU after June 2016’s referendum!

Withdrawal discussions are expected to take place in the last week of March. David Davis, Brexit Secretary, said “We are now on the threshold of the most important negotiation for our country in a generation.”

GBP to EUR currency chart

Since the UK’s referendum in 2016, the Pound has remained volatile against most major currencies – notably 18% down against the US Dollar. Overnight it slipped against the Dollar and the Euro, as you can see from FTT’s live Currency Charts. ¬†Once Article 50 is actually triggered we would not expect to see much major movement compared to what we have seen thus far.

GBP USD exchange rate

Secure your Exchange Rate

If you need to buy Sterling and sell US Dollars, Euros, Dirhams or another currency, now is a good time to secure your exchange rate. Due to the weakened Pound, you will find you will receive far more Sterling for your currency than the same time 12 months ago.

Booking a Forward will secure today’s exchange rate for the next 12 months. If you need to make one or more payments in the next year, your exchange rate will be secured and will not alter if you have booked a Forward – even if the market moves against you.

If you would like some help planning ahead for your currency needs, you can get in touch with our Support Team on [email protected] or call us on +44(0) 203 603 8940.

 

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This post was written by Kayleigh Driscoll

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