Sterling has come under pressure once again during Friday’s trading, following poor Manufacturing & Industrial Production figures this morning.
With figures well under market expectation, the Pound was under pressure immediately dropping almost a cent at the low to 1.1281.
Despite a recovery during the afternoon following the NIESR Gross Domestic Product (GDP) prediction.
The well-respected think tank has predicted GDP to grow to 0.3% this month, which if it comes to fruition, will show a steady improvement from last month’s reading.
It wasn’t that long ago that the Pound was creeping towards 1.20 but a complete shift in conditions, has seen the EUR gain almost seven cents at its high.
Despite Sterling finding a foothold over recent days, the current climate both politically & economically inside the UK means that any major upturn is unlikely in the short-term.
We can help our clients pin point specific moments to execute their currency exchanges, even when they are battling a falling market.
The current uncertainty surrounding our fragmented government and grave concerns amongst investors regarding how we will facilitate our Brexit, are two of the defining factors driving Sterling’s value at present.
With both of these issues, in particular the long Brexit process, will be resolved in the short-term and as such clients with a GBP/EUR requirement need to be realistic in terms of what they’re targeting on any exchange.
Clients should also consider any bottom lines, in order to protect their positions wherever possible.
There are no guarantees in the currency markets and with so many unanswered questions, let us help you navigate this turbulent market and maximise any currency exchange you need to make.
If you have an upcoming GBP or EUR currency transfer to make and would like to be kept up to date with all the latest market movements, or simply wish to compare our award-winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt.
Alternatively, I can be emailed directly on firstname.lastname@example.org.