Buying Swiss Franc rates of exchange for anyone holding Sterling is becoming a burden to deal with on a daily basis at the moment with buying Swiss Franc rates tumbling away once more.
Yesterday the Pound fell to its lowest value on a trade-weighted basis since 1848.
What sparked this movement was the news coming from Parliament yesterday regarding a vote on Brexit.
The process and the time period for Brexit is crucial for anyone considering a foreign currency purchase. Markets have shown emphatically in the past that the longer the status quo can remain in place the better. Theresa May’s initial confirmation when entering her office that Article 50 would not be enacted until 2017 at the earliest and the subsequent stabilisation and rally on the Pound is proof of this market sentiment.
The debate in Parliament was surrounding whether a vote will be held in Parliament over the Brexit. Initial inclinations that a vote may take place and potential introduce some caveats or delays to the Brexit process was received well by the currency markets.
However, this was then swiftly disproved. Just with false hope being worse than none at all, the Pound collapsed heavily, explaining the 168 year lows in Sterling’s value globally.
The rest of this week is fairly light on data so the headlines surrounding this issue should continue to govern the news on the value of the Pound. With this in mind for this week I believe there are further losses in store for Sterling.
I strongly recommend that anyone with a currency requirement, whether buying or selling Swiss Francs, should contact me on [email protected] to discuss a strategy for your transfer in order to maximise your currency return.
I have never had an issue beating the rates of exchange on offer elsewhere, and these current buying levels can be fixed in place for anyone with a currency requirement later in the year and want to minimize risk by fixing against later exposure.