The G20 Summit this week is causing a hos of speculation on the currency markets as to what kind of deals will be stuck, which country’s policies will be received most favourably, and these uncertainty is feeding the current value of the Swiss Franc, with the CHF gaining against the Pound by 0.5 cents as a result.
Of course the Pound example wasn’t helped by events in the UK either. We woke up to find that much of the murmurs about UK growth downturns are being realised.
House price growth as one example went negative once more, with Halifax finding a 1% drop in house prices. Given the global currency markets long memory of how property price downturns can affect the economy, the immediate Sterling weakness was understandable.
This was later compounded by poor industrial and manufacturing growth for the UK economy during May which were finally recorded and released for markets to trade on. Instead of the growth expected, there was actually a notable contraction across the board. With that much red on the board, the Pound was bound to suffer, with anyone considering selling Swiss Francs and buying Sterling benefiting once more.
CHF buyers however, need not despair. The G20 summit may bring positive elements for the Pound. Theresa May is there and any soundbites from global nations keen for a trade deal. In the past Trump’s affirmations of a trade deal between the UK and the US has spurred Sterling strength, but will this be reiterated in an official setting?
I strongly recommend that anyone with a Swiss Franc based currency requirement should contact me on [email protected] to discuss a strategy for your transfer aimed at maximising your currency return.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.