One year ago today the UK public voted to leave the European union and the pound has suffered ever since. The pound has dropped 20 cents against the euro, and a £200,000 transfer this time last year would have generated €40,640. For people purchasing a foreign currency this has caused more than a headache however for people purchasing the pound this has provided a fantastic window of opportunity.
UK economic data is light for the remainder of the week and the next key event to look out for is the inflation hearings Tuesday morning. UK inflation has been on the rise for the last 12 months due to the cheaper pound. I wouldn’t be surprised to see the hearings provide strength for the pound and a potential window of opportunity for clients purchasing a foreign currency short term.
Looking further ahead the forming of the Government is the next key political event that could have an impact on sterling exchange rates. I am optimistic that Theresa May will form a deal with DUP which will eliminate some of the volatility and the pound could recover some of the losses we have seen since the PM failed to win a majority.
When buying or selling the pound you also need to analyse the other currency you are converting before making your final decision. Feel free to email me the currency pair you are converting (GBPEUR, GBPUSD, GBPAUD, etc) the reason for your conversion (company invoice, buying a property) and I will provide you with further information firstname.lastname@example.org.
How to save money
The company I work for helps the client understand the factors that are influencing the currency pair they are trading, whilst having the ability to offer exchange rates that the client wouldn’t be able to receive with their own bank. We have been in business for over 17 years and on a daily basis save clients money on currency transfers. Feel free to drop me an email or alternatively you can call the trading floor Monday morning and ask to be put through to Dayle Littlejohn to discuss your options 0044 1494 787 478.