So tomorrow will finally bring an end to the Supreme Court saga that had been one of the main focuses for Sterling exchange rates over the past month, or will it?
As always with exchange rate information of late it is a really hard one to call due to both results having the potential to impact the market both ways.
For those who are not aware the Supreme Court have been deciding on whether or not to overturn a High Court ruling that the Government in the U.K have the right to trigger Article 50 without putting the decision through Parliament.
Should they uphold the decision then the market may react in one of two ways… Firstly, it may be seen that due to the fact that many Members of Parliament are against a harder ‘brexit’ this could give the Pound a little boost, as a harder brexit (or leaving the single market etc) has recently been viewed as negative for the Pound.
On the flip side of this, there is the argument that Sterling may weaken off the back of this result as all it creates is further uncertainty as to where we are heading, along with an extra complication for the Government to overcome before starting the ball rolling.
If the decision is overturned and they give the Government the power to proceed alone, then many had originally thought that Sterling would suffer, however there is the argument to say that following on from Theresa May’s speech last week (which was taken extremely well by the markets) the certainty of knowing what the plans are may give Sterling exchange rates a boost.
Expectations are to have a result around 09:30am so be sure to keep an eye on exchange rates as the morning progresses. If you are looking to carry out a large currency exchange either imminently or in the coming days, weeks or months then this is not the only economic data due out that will impact the cost of your exchange. There is so much going on around the world at present that you cannot negotiate this market on your own.
The cost of large currency exchanges can be altered by thousands of Pounds from day to day and many of my clients who would never even consider stepping into a casino risk thousands of Pounds of their own money on an exchange rate moving, when really they have no idea exactly which way it is going.
I have been in the industry for over a decade and run the trading floor of one of the largest brokerages in the country and will be more than happy to help you if you have an exchange coming up. Not only do we offer highly competitive exchange rates, but we also pride ourselves on our customer service and the efficiency of our operation.
If you need to carry out a transfer, either personal or for your business and you would like me to call you to let you know my thoughts on your position, and to explain how I can help along with the tools we have available then please do feel free to contact me.
I aim to explain what can be complicated market information in simple terms and I am always happy to speak with new prospective clients. You can email me (Daniel Wright) on firstname.lastname@example.org with a brief description of what you need and I will be more than happy to contact you personally.
Regarding my prediction for tomorrow I would not be surprised to see a little Sterling strength, uncertainty is one of the big problems at present and has been for some time, so a little clarification on at least this decision should give the pound a slight boost, although as always in this current market anything could happen!