The Pound is trading in positive territory against almost all major currency pairs this morning, following on from its good performance yesterday as well.
Sterling has been under pressure since last Thursday night when the election outcome shocked many by resulting in a Hung Parliament, which saw the Pound have its biggest drop in almost a year, due to the uncertainty this outcome will cause especially during this key time.
The reasoning behind the Pounds small recovery so far is because hopes of a successful deal being struck between Theresa May’s Conservative government and the DUP, thus creating a minority government and therefore paving the way for the Brexit plan. In the early hours of Monday morning Sterling hit an 8 week low against the US Dollar due to the uncertainty surrounding the election and potential deal between the Conservatives and DUP, but then the Pound got a boost yesterday as Inflation figures came out better than expected.
Sterling has fallen by around 4-5 cents against both the US Dollar and Euro since it’s highs in March when May announced the snap election. If the currency is to recover back to these levels once a deal is struck or due to positive economic data out of the UK there are ways in which our clients can benefit from this. Our clients have the option of placing a Limit Order with us which will allow them to trade at higher rates than currently available, should the rate move in their favour.
If you would like to discuss this trade option with us feel free to get in touch and I’ll be happy to explain it in further detail.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.