It’s been another disappointing week for sterling exchange rates. UK Prime Minister Theresa May failed to deliver a Brexit speech on Wednesday evening. The speech was interrupted by a comedian passing Theresa May a fake P45 signed by Boris Johnson. Thereafter the PM completely lost her way and failed to deliver the message that she set out to.
For clients purchasing a foreign currency, Andy Haldane the Chief economist of the Bank of England is to deliver a speech today at 1.30pm and currency speculators will be eagerly listening for any hints to whether an interest rate hike will occur in November. If this does occur the pound could be heavily purchased once more which means buying foreign currency could become cheaper. However Mr Haldane is known for taking a dovish stance in regards to future monetary policy therefore I expect the pound to continue to drift lower until the week is over.
When buying or selling pounds for a business transaction, property purchase/ sale or when making a one off transfer, it’s important to get two factors right before you make the conversion. Firstly to choose a brokerage that offers fantastic rates of exchange. Secondly, understanding factors that impact exchange rates, which will help you to make an informed decision of when to purchase.
For the reference of the reader, over the years, many of my longstanding clients have come from reading an article that I have written, as I have saved them money on each and every transfer they make.
If you are making a currency conversion in the upcoming weeks or months, I would recommend emailing me with the currency pair you are converting (GBPEUR, GBPUSD) the reason for your transfer (business transaction, property purchase) and the timescales you are working to and I will respond to your email with my forecast and the process of using our company email@example.com.