Sterling Drops after Still No Brexit Deal and a New COVID Strain

The good news on the vaccination programme has not been enough to keep Sterling safe. A new variant of COVID 19 which is rapidly spreading through parts of the UK forced the government to cancel the initial plans for Christmas and move most of the country to tiers 3 and 4.

Europe is reacting to these fears with a ban on all travel by air, rail, road or sea from the UK for at least 48 hours. Britain’s border with France was closed on Sunday night with all travellers and lorry drivers blocked from leaving. Panic descended at the Eurostar terminal at St Pancras Internationals where EU citizens were trying to return home.

The pound could even suffer further losses, as all non-essential businesses will now be closed for at least 2 weeks which will certainly add pressure on an economy already struggling to recover.

Emergency meetings in Europe and in the UK will take place today.

No clear Brexit agreement has also contributed to the big drop in Sterling’s price. There are still hopes that the outstanding matters – mainly the differences over fisheries – will finally be resolved in which case we might see a deal before the end of the year. If this were to happen, it could provide a modest boost to the pound.

At the beginning of the week, GBP dropped to levels of 1.08 against the EUR and to 1.32 against the USD and further volatility is expected.

For those needing to make exchange funds the current volatility can be overwhelming so it is more important than ever to get some expert guidance.

Opening an account with a foreign exchange specialist like moneycorp will give you access to free expert guidance and currency tools to monitor the market considering your circumstances, from your budget to your deadlines and your attitude to risk. Furthermore, opening an account doesn’t involve any cost or obligation.

Why moneycorp?

With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntree has been recommending moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pension payments for those who have retired to France.

Furthermore, we have worked with the same person at moneycorp for more than a decade! You might be familiar with her as she often writes for our FrenchEntree magazine. She has 13 years’ experience in foreign exchange, and is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through these difficult times

Opening an account is really easy and free of cost. You can register online or over the phone in a couple of minutes and for FrenchEntree there are no transfer fees in any payment.

Open a free account today by clicking here.

Contact moneycorp at 020 3773 6355 or send your enquires here.