The Pound has had a very good month during September which saw GBPEUR exchange rates move by as much a 7 cents from the low to the high.
However, since the start of October the Pound has already lost 2% against the Euro as political uncertainty has continued to plague Sterling exchange rates.
Next week both UK Manufacturing & Industrial Production data as well as UK Trade Balance data is published and I think we could see further losses for Sterling when the data is released.
As the Pound had a strong month during September I think Trade Balance could suffer as there could have been less demand for British exports with such a strong Pound and this is why I think we could see some poor UK economic data next week.
Therefore, I expect this to negatively affect the Pound causing rates to drop for both GBPEUR & GBPUSD.
The issue of Brexit continues to dominate the headlines and recently EC president Jean Claude Juncker has said ‘there will be no sufficient progress from now until October unless miracles would happen.’
There are also rumours that some MPs are getting together to put proposals out there to create a leadership challenge and as we saw earlier in the year political uncertainty can have a huge negative effect on the currency involved.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as I can.