Sterling exchange rates have improved again this week, with the Pound sitting close to multi-month highs against a host of major currencies.
The Pound itself has found support of late following a recent spike in investor confidence. This upturn in fortunes has come in line with a strong run of UK economic data and some positive developments in Brexit talks.
The UK & EUR have agreed terms on a transitional period between the original two year timeline, which will allow for further negotiations to take place regarding the UK’s future trade relationship with our closet neighbours, amongst other key facets of the separation. Whilst no decisions have yet been made regarding the specific details of this future relationship, the markets stance seems to have softened and this in turn to support Sterling’s recent rise.
Whilst there is no doubt that the Pound has gained a foothold, it has struggled to break through the current levels against both the EUR & USD.
The EUR has found plenty of support around 1.15, whilst GBP/USD rates continue to sit comfortably above 1.40 but have yet to make any significant move towards 1.45.
With the Bank of England (BoE) alluding to a prospective interest rate hike over the coming months market conditions could of course change but for the time being I would be keen to take advantage of the current spike and remove any unnecessary risk from what is an increasingly unpredictable market.
If you have an upcoming Sterling currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award winning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on email@example.com to find out all the options available to you ahead of your currency transfer.