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How a Brexit deal may impact the currency markets

By MoneyWay | Dec 7, 2020

The United Kingdom officially left the European Union on 31 January, but since that time has remained part of the EU while a final Brexit deal is negotiated. On 1 January 2021, those ties will be severed – and it would seem we are no closer to a deal which will impact trade and travel agreements.

This uncertainty continues to dominate the value of GBP, and the next few weeks are a critical time for negotiations which could see the value rise or fall depending on the type of outcome.

Whatever the result of the outcome, it will likely cause movement in the currency markets, and lead to changes in the value of GBP (and potentially other world currencies as well).

Markets still waiting on second stimulus package from Washington, both sides claim that they are close but this has been going on too long and the people waiting for those cheques are now rapidly out of funds if not out of funds already.

The USDCAD traded within a narrow range and is expected to stay within this range till Washington gets its act together. The Canadian government announced today that shipments of the Covid-19 vaccines will arrive before the end of the year, 249,000 doses of the two-dose vaccine will be ready to inoculate Canada’s front line workers, and seniors after that.

Expect a narrow range today.

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