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Sterling exchange rates still looking shaky as we await news on Supreme Court – On the plus side a trade deal with New Zealand may be agreed (Daniel Wright)
As most of our regular readers will be more than aware, Sterling exchange rates have had a pretty torrid time this week, with the pound dropping to its lowest point on a trade weighted basis since October.
We have seen Sterling almost drop below 1.20 on against USD, 1.13 against EUR, 1.60 against AUD, 1.70 against NZD, 1.20 against CHF and it is sat below 1.60 against the Canadian Dollar as I write this!
The uncertainty caused by comments from Prime Minister Theresa May over the weekend and during the week are still causing investors and speculators to remain shaky over the Pound, and economic data has not done anything to provide a backup like it has been over the past few weeks.
The key talking point now is just what will the Supreme Court decide to do? As previously mentioned this decision matters a huge amount not only because it will show us what the next steps will have to be for article 50 being invoked, but it will also more than likely lead to lots of MP’s having their say afterwards and every single comment has the potential to move the market considerably.
On Tuesday we also have Prime Minister Theresa May speaking about Brexit, which makes me wonder whether or not she is expecting to have a result from the Supreme Court before then, if we do then Sterling is set for an extremely busy week.
One positive for the Pound today was news that we appear to have all but agreed a trade deal with New Zealand, and it appears that this is ready to go as soon as possible after Brexit. A number of major economies are stepping forward and happy to do business with the U.K which is no great surprise to me.
More and more good news like this that comes out during this long winded process should only lead to the Pound getting stronger, we just need to get over the potential banana skin of the Supreme Court and Article 50 being invoked first.
If you are in the position where you need to carry out a large currency exchange either imminently or in the coming weeks and months then it is extremely important to have an experienced and proactive broker on your side. Most brokers out there will only try and convince you to buy or sell your currency as soon as possible but we are here to help you try and make the right decision for you.
Should you feel that I could be of assistance then I deal with both business clients and private individuals that need large currency transfers and would be more than happy to help you too. I created this site over 7 years ago and have helped thousands of clients that have contacted me save money over their bank or current broker.
All you need to do to make a simple enquiry is to email me (Daniel Wright) the creator of this site on email@example.com with a brief overview of what you need to do and I will be more than happy to contact you personally.
Sterling has managed to hold on to the gains it made through November as the currency continues to trade at a 3 month high against the Euro, and also a 2 month high when paired with the US Dollar.
The recent boost within the Pounds value has been welcomed by those planning on exchanging Pounds for another foreign currency, as at the beginning of last month Sterling was trading around it’s lowest levels against the Euro by almost 5 years, and at it’s lowest levels against the Dollar in around 30 years.
The recent upward movement for the Pound has made large currency exchanges involving the Pound considerably cheaper, and I think that Pound sellers have a key decision to make when it comes to their transfer. For example the Pound could continue to strengthen and consolidate above 1.20, that level could also act as a ceiling and we could see the Pound struggle to breach that level before falling back into the mid to low teens.
One approach would be to book at least part of your currency transfer around the current levels, as this approach allows clients to take advantage of the current 3 month highs whilst leaving themselves open to booking the next part at a more advantageous level, should that favourable movement occur.
There are a couple of factors which could impact the Pound over the following weeks. The Supreme Court hearing came to an end on Friday of last week, and although the result isn’t expected to be released until the end of January, expectations are for the High Courts ruling to remain in place. Despite this consensus I think that if the Government is successful with their appeal, we can expect to see the Pound fall as the Brexit process will be more straightforward and therefore, likely to happen sooner.
There are some key data releases this week and later this morning which could affect the Pounds value, and readers of this blog can feel free to get in touch regarding the times and details of these potential market movers.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well be worth your time getting in contact with me on firstname.lastname@example.org in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages.
Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible. You can also provide me with a telephone number to contact you on, or you can call in on 01494 787 478 and ask for reception to speak with Joe.
Over the past seven years we have had many clients contact us to see if we can assist them both with the timing of their currency exchange, but also with saving money over their bank or other currency brokerages.
All of the writers here work for one of the largest brokerages in the U.K and between us we have over 70 years experience of helping people send money overseas or bring money back for property purchases, property sales, business transactions or any other reason that involves a currency exchange.
We do not deal with holiday money or cash transactions unfortunately but we do pride ourselves on the very highest level of customer service along with seriously good rates of exchange.
Most of our traders have been doing this longer than our competitors have existed, so by contacting us here at Pound Sterling Forecast you can have the peace of mind that not only will you get a great rate, but your transaction will be handled smoothly and efficiently by a team that know exactly what they are doing.
We love providing our regular readers with up to date and important market information on this site and welcome all new enquiries with a personal response as soon as we possibly can.
Looking at the economic calendar we are fairly thin on the ground for data over the next few days as the month ends but do be wary as you can see fairly large swings for currencies as you near the end of the month as larger corporations net off positions and we start to see month end flows.
If you would like to be kept fully up to date with market movements or you would like to save money on any pending currency exchange you have then feel free to get in touch with me (Daniel Wright) personally on email@example.com and I will be more than happy to give you a call or reply to you email and answer any questions or queries that you may have. I look forward to speaking with you.