Sterling gained across the board of major currency pairs today as investors ramped up hopes that Article 50 will be triggered this week.
Some believe the triggering of Article 50, and therefore the formal beginning of the Brexit process, could take place as early as tomorrow if the Brexit will is passed through parliament.
Whilst the Pound gained value today against all majors, some are expecting to the see the pound fall in the wake of the start to the Brexit, but based on today’s performance I’m expecting to see the Pound get a boost once it begins and investors know where they stand regarding the UK’s plans.
The Canadian Dollar is under pressure due to the falling value of oil after last week it was announced US oil stock piles have hit some of their highest levels in recent times. Oil dipped below $50 per barrel today and this is likely to continue to weigh on the loonie’s value as the currency is a commodity currency and its price is linked to the value of commodities.
Moving forward I’m expecting to the see the Pound continue to recover providing the UK economy remains resilient, and if you would like to discuss forecasts and key upcoming events I’ll be happy to offer my input.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.