One month away from the election in Greece should help the AUD, NZD & ZAR claw back some of its losses.
Good morning readers,
In early morning trading in the UK the pound has started off the trading session in much the same way it finished yesterday with red screens. Sterling has dipped below 1.25 against the Euro and now below 1.59 against the USD.
With no economic data off note to come out of the UK today, eyes will be on David Cameron as he prepares to give a speech to business leaders in Manchester. Depending on his tone the pound could react one way or the other as he will talk up how he prepares to protect the UK from a spiralling Euro zone crisis.
I have stated before that what is happening in Greece is having a knock on effect on all major currencies. Now that we know that an election is Greece has been called for the 17th of June I feel this will help the market settle down slightly. Take the southern hemisphere currencies for instance. (AUD, NZD & ZAR) The pound has gained by over 10 cents against some of them recently mainly down to investors fleeing the riskier currencies. Now that we have a month or so before any major news comes out from Greece I think we may see investors move back into the riskier currencies and hence the pound may come back down a cent or two over the coming weeks.
Regardless of which way the currency markets go a sharp correction for the pound cannot be written off. We have seen on far too many occasions over the last year or two that when the pound spikes it normally comes crashing down. With rates at 2.07 against the Kiwi Dollar 1.60 v the Aussie Dollar and 13.2 v the Rand you may want to think about limiting your exposure to the market movements.
If you speak with me via the number on the side of this page 01494 787 478 just ask for Ben Amrany when you call or email me at bma@currencies.co.uk I can talk you through the different options that may be suitable, from stop loss and limit orders to forward buying your currency if you want peace of mind. Some of these contract types will protect the price of your upcoming property or any purchase that you are making. The limits do not commit you to today’s rate thus allowing you to take advantage of any brief spikes. The stop loss can protect you from any adverse market movements.
As well as us trying to help protect you from any adverse market movements we will also make sure that we beat the rates of exchange that your bank will offer you. This helps you make the biggest saving possible. We are one of the largest currency brokers in the UK and we have been trading for over 12 years now. We specialise in currency exchange and do not deal with any other financial products. We will offer you a very personal service talking you through all the options that are available to you to help you maximise your currency exchange.
If you would like to speak with me regarding any major currency pair you can contact me at bma@currencies.co.uk or call on 01494 787 478 and just ask for Ben Amrany.
Ben Amrany
