The Pound had a busy day against all major currency pairs yesterday, after a number of comments from key Brexit personnel as well as Brexit related rumours caused the Pound to move quite drastically.
The 5th round of Brexit talks finished yesterday and there appeared to be mixed evaluations of how they going from the different parties, as Brexit Secretary from the UK, David Davis suggested there had been progress whereas his European counterpart, Michel Barnier stated that the EU is frustrated with the lack of clarity from the UK.
There wasn’t any major economic data releases yesterday yet it was the busiest day of trading for the Pound, almost entirely owing to political commentary.
It’s difficult to determine which way the markets will move next in this type of market, but working on a trading floor means we’re able to react quickly to short term market movements.
If you have plans to make an currency exchange in the short or long term future, you can discuss it with us as well as register to be alerted to short term price changes.
The Pound could move in either direction depending on what’s said at the moment, and as the time for Brexit to negotiate lessens I think the Pound will become more sensitive to comments such as those seen yesterday.
There is no further economic data scheduled for release this week, out of the UK or New Zealand.
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.