The panic and uncertainty surrounding the UK at the moment is continuing to weigh on the Pounds value, with the Pound to Canadian Dollar exchange rate hitting its lowest level in 2-months since the election outcome.
Political uncertainty is one of the biggest downside risks to a currencies value, and since the election outcome was announced as a Hung Parliament last week the Pound fell by it’s biggest margin 1-day margin since the Brexit vote last June.
The uncertainty is continuing as the Conservatives are currently in talks with the Democratic Unionist Party (DUP) of Northern Ireland in order to form a coalition government, although many of their policies are coming under scrutiny and there are now talks of the state opening of Parliament (which is conducted by the Queen) being delayed beyond the current planned start time of June the 19th.
Aside from political uncertainty the economic data releases out of the UK are now being watched very closely as the UK enters the 2-year period of trade negotiations as it leaves the EU. Later this morning we’ll see Inflation data released and then tomorrow it will be Wage Growth figures, and do feel free to get in touch if you to be kept updated regarding these events.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.