The Supreme Court is set to release its verdict on Tuesday, to whether UK Prime Minister Theresa May government has the power to invoke Article50 or if she needs to attain the approval of Parliament.
Recent comments by the Prime Minister suggest that the Supreme Court will vote in favour of the High Court, which in turn makes it more difficult for the PM to stick to her March deadline.
Before the High Court ruling and when we were under the assumption that the UK would leave the single market in March, the pound dropped like a stone. Anytime the press release a story that brings doubt to the March deadline the pound gains momentum.
If we look at recent history I would expect the pound to strengthen if Mrs May needs to attain approval from Parliament. For people that have been watching the market waiting for the optimum time to trade, this release could cause the pound to spike in your favour and therefore trading on the back of the spike may be wise.
Mrs May will be back in the spotlight Friday, as she is set to meet US President Donald Trump in Washington DC. A free trade deal between the two nations will be on the agenda, and if the President decides to use his famous Twitter account to inform his followers this could cause major volatility throughout the currency market. Mr Trumps is unpredictable therefore if you have a foreign currency to buy this week, if the pound spikes Tuesday I would take the profits and move on.
When buying or selling the pound you also need to analyse the other currency you are converting before making your final decision. Feel free to email me the currency pair you are converting (GBPEUR, GBPUSD, GBPAUD, etc) the reason for your conversion (company invoice, buying a property) and I will provide you with further information email@example.com.
How to save money
The company I work for helps the client understand the factors that are influencing the currency pair they are trading, whilst having the ability to offer exchange rates that the client wouldn’t be able to receive with their own bank. We have been in business for over 17 years and on a daily basis save clients money on currency transfers. Feel free to drop me an email or alternatively you can call the trading floor Monday morning and ask to be put through to Dayle Littlejohn to discuss your options 0044 1494 787 478.
Enjoy the rest of your weekend and I look forward to speaking with you Monday morning.
** People I deal with on a daily basis are sole traders, financial directors, property buyers and sellers **