We have ended the week with a positive run for Sterling, with buying Euro and Dollar rates of exchange relieved from last weeks’ consistent pressure – hitting 1 cent plus gains.
As this website has covered yesterday the UK came closest to a rate hike since the financial crisis. Though this was largely due to heavily rising inflation, this will continue to be seen as a major plus for currency markets, and any further steps at the next meeting in July will surely spell a Pound rally.
However, this was only a brief glimpse away from politics, we will be returning very quickly to it next week.
On Wednesday it was expected that the Conservatives and the DUP would be announcing major progress in their agreement for a governing partnership, however, the horrific news emerging of the fire in a London tower block overnight on Tuesday meant that this was understandably delayed.
That explained the slight Pound deterioration on Wednesday as the UK political scene was put in Limbo once more, however, this also means that rates of exchange should see a conciliatory boost once this has been formally announced. From there, the Conservative manifesto simply needs to be put to Parliament.
The key question from this point will be whether the UK aims for a softer Brexit? This is only something we can second-guess at for now, but Brexit Minister David Davis has said as much that key concessions in the previous plan would have to be made.
At this point, GBP/EUR, GBP/AUD and GBP/USD seem set for early gains next week, though the improvements against the Euro may be muted by positive French election results anticipated on Sunday.
So anyone buying a foreign currency using Sterling should approach next week with cautious optimism and should continue to monitor political developments.
Conversely, anyone selling Euros, AUD or USD may wish to take advantage of current levels, as the odds are stacked against you for improvements next week.
I strongly recommend that anyone with a buying or selling Sterling requirement should contact me on firstname.lastname@example.org to discuss a strategy for your transfer aimed at maximising your currency return. You can also reach me directly on 01494 787 478 and ask the reception team for Joshua.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could protected your exposure to a volatile marketplace with the options I offer, and save you significant sums on your currency purchase.