Daily Archives: May 11, 2010
Pound Sterling Forecast – A volatile day ahead
My forecast is for sterling strength today. If you are looking to buy foreign currency I think today could be a good day to secure a rate. If on the other hand you are selling currency, you may want to have a good think about your budget as if we do get a strong coalition in the UK you could see some further GBP Strength.
It is worth noting that if we do see any negative fallout from the talks between the major parties, then you could see some sterling weakness. If none of the parties can come to an agreement the uncertainty that would cause would probably lead to the pound losing value. At present we are seeing GBP strength because it looks like an agreement will be reached.
If you would lik any further info, or if you want to offer your opinion, please email me ajm@currencies.co.uk .
Sterling exchange rate update
As of 10:07 am BST sterling exchange rates have been strengthening against the Euro by 0.83%, ZAR 1.14% AUD 0.55%. The gains have not been against all currencies with losses currently against the USD and YEN at present.
The uncertainty regarding the UK government could start to weigh on the pound if we do not have a decision in the very near future about who will be running government. While the rates of exchange for sterling has strengthened quite considerably against a host of currencies of late, it may be wise to look at securing a rate of exchange to take away the risk factor if you have an up and coming transfer to be done.
Please feel to contact myself here at bma@currencies.co.uk if you have any questions or queries regarding sending money overseas.
If you are buying a property abroad, have business transactions to carry out or need to get money overseas for any other reason and want the best exchange rates, just fill in the form on the right hand side and one of the experienced traders that write on this blog will be in touch shortly.
