The Pound was given a boost during Friday’s trading session with much better than expected UK Industrial and Manufacturing data.
The UK has been performing fairly well in recent weeks despite the uncertainty caused by the ongoing Brexit talks. However, in a more settled market we would see the Pound much higher than it is trading at current levels.
We are now a few months in to the discussions and as yet little progress has been made but could we see the talks get more positive before the end of the year?
Both Theresa May and Michel Barnier have been suggesting that things are starting to move along but the stumbling block remains how much will the UK be prepared to pay and when in order to leave the European Union.
Until this has been decided I think the Pound will remain under a lot of pressure.
Yes we have seen the Pound gaining on Friday owing to the strong economic data but the gains have been relatively limited and short term in recent times.
With the next Brexit summit due to take place in December this will be the real catalyst for a change in currency rates for the Pound.
A lot of my clients have been opting to buy their currency on a forward contract which removes the risk of where rates may move in the future.
This allows you to fix an exchange rate for a future date for a small deposit.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me with details of your requirement and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.