Sterling has risen against most currencies which is pushing closer to 1.13 on GBPEUR and 1.40 on GBPUSD. This is partly in response to potential progress being made on the Brexit, hopefully we will start to learn more about the actual final arrangements on Brexit this month. Next week is the EU Summit where we will be looking for news on the final transitional arrangements.
If you have a transfer to sterling or need to buy foreign currency with the pound then the next week is crucial to be making some plans. Sterling has been rather flat since there is not been a huge amount of new news to move the market. Against the Euro we have had 2.5 cents movements in the last month, GBPUSD has moved 4 cents and GBPAUD has been 3.25 cents.
Such movement is reflective of a fairly flat market but one that is likely to become very volatile in the coming weeks. Brexit is of course the main driver on the pound and until we get some real news and clarification of the final deal, sterling could remain range bound. The Spring Statement is at 12.30 which will give us some final news on what we might expect in the future from the UK economy in the future. It is not expected to be a market mover but this will certainly be something to be tracking for the future.
If you have a currency exchange to make then keeping up to date with the latest news is vital to understanding the future direction on the currency markets. We can track the market for you and assist with a commercial rate to help you trade at the best rates.
For more information at no cost or obligation please speak to me Jonathan Watson by emailing email@example.com. Thank you for reading and I look forward to hearing from you and discussing some strategy to help you maximise your sterling exchanges.