The pound has seen a small rebound today after comments from Bank of England policy maker Andy Haldane talked up the British economy which the currency markets received well. His hawkish comments pointed to an interest rate increase later this year whilst also highlighting that economic growth is still robust. GBP EUR touched 1.14 before drifting back lower whilst GBP USD broke 1.27 before slipping back.
The eagerly awaited Queens speech is now out of the way and the Queen left swiftly afterwards headed for Royal Ascot. Politics now is the main area to watch this week and at some point soon there is likely to be a considerable shock to the price of sterling. On the one hand an agreement between the Democratic Unionist Party (DUP) and the conservative government should in theory see a boost for the pound. However if those political talks break down then that could leave sterling in a precarious position. There is clearly a will by both sides to come to an agreement so my view remains that a deal will be done and this should see the pound strengthen across the board.
Those clients looking to buy Euros or US dollars would be wise to get in touch sooner rather than later as spikes like these when they happen are not generally lasting for very long in these markets. There could be a good win opportunity in the coming days or possibly weeks for those clients looking to buy currency with sterling.
However this is all dependant on if and when the DUP conservative agreement is made. We offer competitive exchange rates but it is the exchange rate fluctuation where savvy clients are able to capitalise on by seeking a better rate of exchange when it changes. This is something we can help you with.
If you would like further information on sterling exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on email@example.com