Sterling is climbing this morning which will be welcome news to those hoping for a stronger Pound, as last week the currency had its worst week for a year.
The Pound to Euro rate hit a three-week low and the cable (GBPUSD) hit a four-week low as the current UK Prime Minister, Theresa May made a speech to forget and also appears to be losing the confidence of her party and the public as speculation regarding her position builds.
One of the main headlines from last week surrounding her position involved a former chairman of the Conservative Party who said he had the support of 30 lawmakers who also want her to quit.
Political uncertainty often results in a weakening of the underlying currency, and last week is a text book example as immediately after her speech we saw the Pound slide as financial markets lost confidence in her, there was even a self proclaimed prankster that got in on the act.
Although I don’t expect May to resign, I do think that if speculation regarding her position continues we can expect to see the Pound drop further.
Aside from this matter, the stumbling Brexit negotiations are likely to continue to weigh on the Pounds value, although at the time of writing Sterling is on the up which could be due to speculators hoping to pick the Pound up cheaply after a steep drop last week.
Tomorrow morning is likely to be busy for Sterling exchange rates as both Manufacturing and Industrial Production figures are due for release at 9.30am, along with trade balance figures.
If you would like to discuss an upcoming currency exchange prior to this release, feel free to get in touch with me.
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.