Today the Office for National Statistics released their November borrowing figures. The numbers fell to £12.6bn down £0.6bn compared to November 2015. However the numbers disappointing as many analysts predicted falls below £12bn.
For the remainder of this year economic data is limited and volumes being traded are thin. This time of year speculators will shift their assets into safe havens and unfortunately sterling is not seen as safe since the Brexit vote. Personally foreign currency buyers before the year is complete may wish to purchase before the Christmas break.
As for next year, the Supreme Court ruling should heavily dictate exchange rates for the foreseeable future. If the Supreme Court rule in favour of the High Court this would mean the UK would potentially be staying part of the single market and therefore the pound could gain momentum.
However if the Supreme Court overrule the High Court (this would be a surprise), I expect the pound will crash and exchange rates would fall to the lower levels we became accustom to over the last 3 months.
If you are buying or selling pounds in the upcoming months and want to achieve rates of exchange that are better than your bank, whilst receiving regular economic information feel free to email me with your requirements [email protected] or call the trading floor on 0044 1494 787478 and ask for Dayle Littlejohn.
Common clients that I deal with on a regular basis are, company directors, property buyers and sellers, sole traders and many more. If you are unsure if I could help you it’s worth emailing me and I will respond as soon as I can.