Sterling exchange rates have been boosted across the board of major currencies today due to a number of factors.
Firstly, the currency has been trading in quite a topsy-turvy fashion over the past week as hopes of a agreed Brexit Bill have driven GBP exchange rates. Many had hoped for an agreement already, and sources are saying that the UK’s Prime Minister, Theresa May has until the end of the week to reach an agreement.
Should an agreement be made I would expect to see the Pound climb, as it will clear the path for trade negotiations to begin which is what the markets are waiting for along with the actual businesses within the UK and EU.
At the same time if there is no agreement and talks stall, I would expect to see the Pound fall.
Another reason for the Pound’s strengthening today can be put down to the increased yields offered of UK government debt (bonds offered by the government called GILTS) which has increased demand for the Pound.
Those planning on exchanging their Pounds into another major currency should be aware that if there is a negative announcement regarding the ongoing Brexit negotiations, I think the Pound could fall sharply after rising on hopes of positive talks, so those with a risk adverse approach should consider this.
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.