The pound has had a tough time of late gaining any momentum even on the release of positive data. Today has created an opportunity for Sterling sellers. Three factors combined caused the Spike. First came UK Services PMI, which is an indicator as to the health of the services sector which makes up a significant amount of the UK’s GDP. It came in positive and above expectations which set the pound on it’s rally. Then there was the ruling by the high court that there must be a government vote before Article 50 is invoked, this could mean the possibility of a soft Brexit which put more momentum behind the pound.
Finally came the news of a hold on interest rates which to be honest was no surprise, but the markets reacted and the pound rallied. GBP/EUR hitting 1.1287 at the day high. With many analysts predicting 1.05 in December it was some much needed positive news for Sterling. If you are trading Sterling to Euro it may be wise to take advantage of current levels.
If you have a currency requirement I will be happy to help. I have assisted many clients today and achieved rates very close to mid market levels. I would be prepared to provide a comparison against your current provider if you wish I am very confident I will be able to beat their rate of exchange. I will also help in picking the correct contract to suit your needs and also assist in timing your trade in an attempt to maximise your return. I can be contacted by e-mail on firstname.lastname@example.org. Thank you for reading my blog and I look forward to hearing from you.
Executive Dealer – Foreign Currency Direct PLC