Those planning on exchanging their Pounds into another major currency are continuing to benefit from speculation regarding the Brexit Bill, as the Pound has been rising in value for two days now.
The reason the Pound is climbing despite the actual Brexit Bill figure not yet being announced, is because the financial markets view an agreement to be beneficial for the UK as once it’s agreed it will pave the way for trade talks to begin.
The actual cost for the UK to leave the EU along with stalling trade negotiations has weighed on the Pounds value recently, so it makes sense to see the Pound rising when we consider that this month there has been an interest rate hike from the Bank of England along with positive developments regarding Brexit negotiations.
Sterling is trading at an annual high against the Australian and Kiwi Dollars, and it’s trading around multi-month highs against other major currency pairs such as the US Dollar and the Euro.
There aren’t any major economic announcements scheduled for the UK this week, so I expect to see the Pound continue to be driven by sentiment which may be a positive when when consider what’s happened this week alone for GBP exchange rates.
If you would like to be updated regarding any major exchange rate changes for the Pound vs another major currency in future, do feel free to register your interest with me.
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.