The pound has performed rather well this week after a bad week last week. Despite remaining at lower levels against most currencies we managed to avoid falling further and I really think that is good news! The pound could easily have dropped another couple of per cent if the GDP (Gross Domestic Product) data had come in worse than expected. Another concern was the US Federal Reserve Bank, they could easily have said some comments which would have seen the pound lower. No bad news is actually good news in my opinion at the moment for the pound.
I really hope clients looking to buy a foreign currency with the pound in the future will see the rates go higher but it really does seem they will continue to be disappointed. I have had a long line of clients waiting for the pound to rise buying Aussies, Euros and pretty much everything apart from the US Dollar (which has been weakening) since the UK election. The belief is sterling will eventually rise but there is no clear picture when. With any interest rate hike not likely now until 2018 (and then not guaranteed) clients selling the pound to buy a foreign currency should be prepared for further woes.
All in all the economic and political conditions that have led to the downfall for the pound this last year look set to remain and whilst we may see some small improvements expectations for the pound to magically rise look non-existent from my perspective. If you need to transfer an mount of currency from £10,000 above then we can help with some insight into the best strategies and options to make an informed choice of when to buy the currency.
Getting in touch and highlighting your position is completely free of charge and carries no obligation. Please email me Jonathan Watson by using firstname.lastname@example.org, thank you for reading and I look forward to hearing from you and assisting in the future.