The Pound has fallen across the board once again today as Brexit fears have once again begun to instill fear within financial markets.
The Pound had been gaining in value towards the end of last month and also at the beginning of this month, but that trend has now been reversed. The catalyst for this decline seems to be the most recent Inflation Figure released by the Office for National Statistics which showed that inflation is currently at 0.6% which was below their expectations.
It’s now been announced that the UK prime minister, Theresa May, may look to begin the process of the UK’s EU separation as early as the beginning of next year and i think this too has weakened the pound as many would have hoped for a delay in it’s invocation. Any talk of delaying the invocation of Article 50 has generally been met positively by financial markets so the suddenness of this announcement may have dampened investors spirits.
With regards to the Canadian Dollar, it has been under pressure itself recently due to volatile oil prices. Oil is the Country’s largest export so oil’s value can impact the Loonie and therefore GBP/CAD exchange rates. Those with a currency requirement involving GBP/USD should pay close attention to oils value for these reasons.
If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one then I can help you with this.
Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me (Joseph Wright) directly on [email protected] and I will be more than happy to contact you personally to discuss the various options we have available to you.