A year ago today, the UK public voted to leave the European Union.
The result of this historic vote has been dissected and discussed ever since but are we any clearer as to what it really means to be ‘OUT’ of the EU?
What we do know is that since that day Sterling has struggled to gain sustained market support, with investors questioning how the UK economy will fare over the coming years.
This uncertainty has sapped investor confidence in the UK economy and the Pound has suffered as a result. GBP/EUR have not broken through 1.20 in the past 12 months, with the current levels of around 1.14 becoming a far fairer reflection of the current value on the pair.
Whilst the current cloud of uncertainty means that long-term predictions are becoming almost futile but what I have been advocating to my clients is that they look to protect their positions wherever possible and look for short-term market spikes.
Investors remain extremely sceptical regarding the upcoming Brexit negotiations, with the negative focus seemingly shifting further towards the UK’s side and away from the EU.
Let’s not forget that the EU are losing an integral member of the single member state, with the ramifications of this as yet, remaining unclear.
We also need to consider the current political vacuum, created by the shock general election results. The Pound is struggling against a divided government and a divided country and until we have a clear economic plan in place to move the UK economy forward, I feel that the Pound will continue in its struggle to make any major inroads.
Whilst this is likely to handicap any major advances for Sterling, EU sellers would be wise to take advantage of the current window of opportunity and remove any on-going risk from this most unstable of markets.
Now is the time to contact a personal currency broker and here I can help guide you through this turbulent market. I assist my clients with the timing of their currency transfers, to ensure that any market value is maximised.
We can offer award winning exchange rates & service, which surpass any of our competitors.
Please feel free to contact me if you would like to be kept up to date with all the latest market movements, or simply wish to compare our rates to those of your current provider.
I am available on 0044 1494 725 353 between 08.30-18.00 and just ask one for the team for Matthew. Alternatively, I can be emailed directly on [email protected]