The Pound is up against all major currency pairs this morning after dropping yesterday in the wake of the terrorist attack late on Monday night.
Despite the horrific attack the Pound is showing resilience this morning after hitting lows of 1.1526 against the Euro yesterday and falling below the 1.30 mark against the Dollar.
As sad as it sounds I personally think that financial markets are becoming less reactive to such attacks that historically would have resulted in steep drops for the underlying currency.
Since the event all campaigning for the upcoming election has been halted which has offered the Pound a bit more stability for a few days which may be a reason for Sterling’s relatively good performance this morning, but I do think that the election could create some volatility for Sterling exchange rates between now and the date of the election (8th of June).
Tomorrow there will be UK GDP data released which could also have an impact on Sterling exchange rates. Economic data is playing a greater role in GBP exchange rates now that the Brexit plan has been put forward, with some indicators being very closely watched such as Inflation data and Consumer Spending. I think a drastic change in the UK’s economic output could result in a spike in GBP exchange rates and if you would like to be kept up to date with key updates such as tomorrow’s GDP data, feel free to get in touch.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.
You can also call in and ask reception to speak with Joe on 01494 787 478.