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Sterling exchange rates have taken quite a tumble in early morning trading today, following comments from Prime Minister Theresa May over the weekend suggesting there is a higher possibility of us looking for a ‘hard brexit’ and that control of our borders appeared to be a higher focus than remaining in the single market.
Why does a hard brexit weaken the Pound?
A hard brexit leads to Sterling weakness because it could seriously hamper trade for the U.K and a report from the centre for economics and business research discovered that all sectors that create wealth for the economy would be negatively effected. Obviously a lot would depend on any agreements that get put in place but these may take a great deal of time and the worry is that it is highly doubtful that any agreement that is eventually sought does not end favouring one sector over another, which would mean someone will end up missing out.
What this does create is uncertainty for all sectors within U.K trade and uncertainty is extremely bad for an economy, a company and most importantly for a currency so this has led to the Pound dropping off and losing value all morning so far.
Supreme Court decision to change things?
One factor that may turn around the form of the Pound is the eagerly awaited Supreme Court decision on whether to overturn the need for Thesera May to have to put the triggering of Article 50 through Parliament before moving forward.
Should the Supreme Court stick with the original decision then there is a chance members of Parliament will aim for more of a say in how things are handled which may stop a full on ‘hard brexit’ and could also slow down the process a little which would hopefully give the Pound back a little strength.
On the flip side, a decision to overturn the original result may kick the Pound whilst it is down and the Sterling exchange rates may get even weaker again.
They are back together on January 11th and we expect to see a decision in the few days after this, what this does mean is that if you have a currency exchange to carry out you need to be poised and ready to react quickly.
If you are fairly busy day to day and you do not have time to watch the rates (which move by the second) then why not let one of our dedicated, helpful and friendly brokers do this for you. We have a variety of tools available to assist you in maximising your rate of exchange including rate alerts, limit orders and forward contracts.
Should you need to carry out a currency exchange involving any major currency for you business, a property purchase/sale or any other reason then feel free to contact me (Daniel Wright) on email@example.com personally. Please leave a brief overview of what you need to do and I will personally contact you to discuss the options available and to tailor a game plan. Please note we do not deal in cash or travel money. You can also call our trading floor on 01494 787 478 please quote Pound Sterling Forecast and ask to speak Daniel Wright.
The Pound is not having the greatest end to 2016, particularly against the Dollar.
It appears investors and speculators are stepping away from Sterling and taking their profits after a slight gain seen by the Pound over the past few weeks of trading.
As we ease into the final few days of the year there are no major signs that this will turn around so if you have a foreign currency to purchase with Sterling in the next few days it may be prudent to look at doing something sooner rather than later.
As we move into 2017 the main focus will be on the actions of the Supreme Court and whether or not they do decide to overturn the ruling over article 50. Sterling exchange rates may move suddenly straight after the result is released and following this I would not be surprised to see yet another bout of jawboning, speculation and issues hanging around the matter that will no doubt add to the market volatility.
My personal opinion is that although this may be a potential banana skin, I feel the Pound is still greatly undervalued and that Sterling exchange rates should have a good recovery to look forward to, we just need to get all of the negative press out of the way first!
If you are looking to carry out a currency exchange in the coming days, weeks, months or indeed years then it is well worth getting in touch with me personally. The company that we all work for assists clients with large currency exchanges day in, day out and we have a base of over 90,000 satisfied clients.
We pride ourselves on highly competitive rates of exchange along with the very top level of customer service, and I would be extremely surprised if we could not save you money over your bank or current broker, along with offering you a smoother service.
Feel free to contact me (Daniel Wright) by emailing firstname.lastname@example.org and I will be more than happy to get in touch with you personally to discuss the various options available to you and answer any questions or queries you may have too. I look forward to speaking with you.