UK Retail Sales figures are released this morning at 09.30 and could have an impact GBP/CHF exchange rates.
The Pound has gained ground against the CHF over the past month but have levelled out over the past week, as the markets digest the unexpected election results in the US.
The Pound has benefitted from Trump’s victory, as it restored some much needed market confidence in regards to future growth prospects for the UK economy. This can be attributed to comments he made regarding prospective trade deals with the UK, regardless of our EU status.
However, we did see Sterling dip following what we believed was a leaked memo, which indicated that up 30,000 additional civil servants would be required to facilitate our Brexit following the triggering of Article 50. This was ultimately renounced by UK Prime Minister Theresa May and the Pound bounced back but it is another example of how fragile the UK economy remains and for that reason I would not be gambling on sustainable Sterling strength over the coming months.
The CHF remains a safe haven currency for investors in times of global economic uncertainty and this is why I believe it will continue to hold its value against GBP, so those clients holding the Pound may wish to take advantage of the recent spike, as the current rates could look extremely attractive in weeks to come.
If you have an upcoming GBP or EUR currency exchange to make and you are concerned by the increased market volatility of late, it may be wise to look at protecting the gains you’ve made, or limiting your losses with one of our forward contracts, rather than gamble on what has become an increasingly volatile and unpredictable market.
If you would like to be kept up to date with all the latest market movements ahead of your currency exchange, or simply wish to compare our award-winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on [email protected]