The Pound has had a reasonably good run against most major currencies recently, hitting multi month highs against the Dollar and Euro, whilst also getting to the highest point we have seen since the referendum vote against other majors, such as the Australian Dollar.
This has created a great opportunity for those holding Pounds and looking to make a large currency transfer for a property purchase or emigration, as at present you would now get more foreign currency for you Sterling than you would have got a few weeks back.
Whether or not these rates will continue to improve is hard to call at present, one of the main reasons for the increase in value of the Pound was due to really solid economic data. Last week we had news that average earnings and unemployment had improved, inflation was steady, a brexit transition had been agreed with the EU and that 2 out of the 9 members of the Bank of England monetary policy committee had voted in favour of an interest rate hike this month, opening the door for a potential hike at their next meeting in May.
One thing to be cautious of is the poor weather that the U.K witnessed in March. Not only the wind and rain thrashing down on the office window as I write this, but the huge volume of snow that we had that ground large parts of the U.K to a halt for a number of days.
Adverse weather will have had an impact on economic data such as construction figures and retail sales, as builders could not get out and build and consumers couldn’t get out to the shops, most couldn’t even get out of their house!
With this in mind you may see economic data drop off a little in the coming weeks, and I would be wary of this impacting Sterling and potentially dropping the value of the Pound a little. If you are waiting to sell foreign currency and buy Sterling then there may be an opportunity for you, if you are waiting to buy foreign currency then you may want to seriously consider buying some of what you need in case the drop does occur.
If you do need to move money internationally from bank account to bank account, then you are more than welcome to contact me (Daniel Wright) directly as I can help you every step of the way. From achieving the very best exchange rate to putting together a sensible plan of action we can help you maximise your money. We are specialists in the market for people buying or selling foreign property or emigrating, basically if you need to move large sums from one currency to another then it is well worth getting in touch. You can email me (Daniel Wright) on email@example.com with a brief description of your needs and I will be more than happy to get in touch with you personally for a free, no obligation chat.