The Pound has ended the week at its lowest point against both the Euro and the US Dollar following the challenge made by the House of Lords to the current Brexit bill. This came as a surprise which caused the Pound to fall.
The House of Lords are looking to retain the rights of Europeans living in the UK of which there are over three million and they would also like to try and negotiate reciprocal rights for Britons living on the continent of which there are over one million.
This has put another obstacle in the way for Prime Minister Theresa May as the bill has been passed back to the House of Commons. Indeed, it is still not yet clear when Article 50 will be triggered although Brexit secretary David Davies has claimed it will happen in March.
Therefore, we are surely in for quite a volatile period ahead.
The Dutch elections are also due in less than 2 weeks time with the far-Right candidate Geert Wilders likely to win.
He has already used the term ‘Nexit’ in his campaign and if he wins, although it will be difficult for him to continue as he will likely need to form a coalition, this could unsettle the continent ending up with some uncertainty for the single currency.
The French are also headed for elections on April 23rd and there appears to be a voice for change as seen during 2016 with the Brexit vote and Trump so I would not be surprised to see Marine Le Pen become one of the final two candidates when the second round of polls takes place on May 7th in France.
With the UK, Netherlands and France all facing political change and economic uncertainty in the weeks ahead it is likely that we’ll see large swings on the currency markets so if you’re concerned about what may happen to the value of Sterling during this period it may be worth buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
To find out more about the contract types on offer or for a free quote when buying currency then contact me directly for a free quote. Tom Holian firstname.lastname@example.org
Having worked for one of the UK’s leading currency brokers since 2003 I am confident that not only can I offer you bank beating exchange rates but also help you with the timing of your transfer.
Tom Holian email@example.com