So we have had a fairly dramatic few weeks since the result of the referendum and I would be pretty surprised if we don’t end up with an extremely volatile market for the next few months.
For anyone with a currency exchange to carry out in the coming days, weeks or months volatility brings you both, excitement, fear and opportunity as the Pound is currently at a 31 year low on a trade weighted basis.
The next big release of interest (assuming there are no more surprises) will be the Bank of England interest rate decision, meeting minutes and summary of QE due out on Thursday 14th July. Investors and speculators alike will be watching to see what move we will be seeing from Mark Carney to try and tackle the potential economic turbulence we have ahead for the U.K.
Carney has hinted at a potential interest rate cut, this may lead to further weakness for the Pound, on top of this the minutes showing what was discussed and how the plans were put in place will be of great interest and will no doubt lead to some extremely choppy trading conditions once again.
I personally feel that the plane has well and truly overshot the runway at the moment, if you look at the cold hard facts then apart from Governmental problems which will eventually resolve themselves, nothing else has actually officially changed. There is still a long way to go before we have pulled the trigger on the starting pistol to leave the EU by acting on article 50.
Banks, funds and many others are acting in advance of potential issues and the newspapers are hyping up the potential doom and gloom ahead but there is still a chance that nothing will actually change.
If you are in the process of bringing money back from overseas or you have an upcoming currency exchange requirement then these are the times that you really need to make sure you have an experienced and proactive currency broker helping you every step of the way. We have seen these kind of markets before, I worked during the European debt crisis and during Fanny May/Freddie Mac so know what may be lying next and how to tailor a game plan to try and help our clients get the most for their money.
If you are in this position then feel free to email me (Daniel Wright) the creator of this site on [email protected] with a brief overview of what you are looking to do and a contact number. Please note we do not deal in holiday money or cash.
Tomorrow we see the release of Non-Farm payroll data which can impact all major currencies, including the Australian and New Zealand Dollar. The reason this happens is because Non-Farm payroll data measures the number of people in Non-Agricultural employment in the U.S and they quite often get the prediction fairly wrong. Due to the markets moving on rumour as well as fact you can see rates move based on predictions and then swiftly correct themselves once the data is actually released.
Once again we are more than happy to add to our 60,000+ clients so if you have a currency exchange to carry out involving any of the major currencies and you would like to speak with me personally then feel free to email me (Daniel Wright) on [email protected] – I deal with clients buying and selling properties overseas, business transactions, high-net-worth individuals and premier league footballers on a daily basis so would be happy to assist you too in the strictest of confidence.