The pound has defied expectations and risen against most currencies presenting some of the better levels to buy a currency with the pound in 2017. This is not quite where many expected sterling to be post-Article 50 but the fading negativity surrounding Brexit has helped the pound to find some support. This is great news for anyone holding sterling looking to buy a foreign currency for an overseas property or to make business transfers.With market expectations remaining concerned over the ultimate conclusions over Brexit these improved levels will surely not last.
Sterling has been boosted by some clarity over the Brexit from both the UK and the EU. In setting out guidelines on negotiations from both sides the market now has some direction, from my perspective the current deal on offer will more closely resemble a ‘softer’ Brexit rather than the hard version markets had feared.
This perception coupled with some improved economic data today has lifted the pound to improved levels over the last few hours. I do not believe this will last too long however, I firmly believe sterling will once again be in the spotlight as investors question just how the UK will fare outside of the EU after disrupting relations with it biggest trading partner.
If you need to buy the pound there could be better days ahead but clients looking to buy a foreign currency with sterling need to carefully pick their next move. Depending on the currency there are some events in the coming weeks which will surely help you. If you need to buy the Australian dollar, US dollar, Euro, Canadian dollar or New Zealand dollar (or any other currency) please speak to me to understand the best strategy moving forward.
It would be very difficult to cover in detail the best ways forward for each individual case in one post. If you wish to get a full overview of your position and relevant strategies please contact me Jonathan Watson by emailing email@example.com or call 01494 787 478 and ask to speak to Jonathan.
Thank you for reading and I look forward to hearing from you.