The Pound has gained roughly around 1% against the Swiss Franc this week, making the prospect of buying Swiss Francs with Pounds a more attractive prospect.
The Pound to Swiss Franc rate has quite some distance to climb before reaching its May highs of 1.30+, but the currency was helped this week after the Bank of England surprised financial markets on Thursday during the Monetary Policy Committee’s interest rate decision.
Almost half of the voting members of the BoE’s Monetary Policy Committee voted in favour of raising interest rates. This was the first time they’ve been this bullish since 2007, ten years ago.
The most likely reason behind this move can be put down to the increasing rate of inflation in the UK. The cost of living is becoming more expensive, and the rate of wage growth is declining therefore the need for a rate increase is increasing in order to mitigate this issue.
I think that if inflation continues to climb we can expect to see the Pound climb, although it may take a while for the currency to reach to high’s of last month as the election outcome in the UK has softened the Pound and sentiment towards the currency has also taken a hit.
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.