Sterling slid yesterday against most major currency pairs, as trading volumes become thinner as we enter the festive season.
The currency hit a two-week low against the Euro as the markets appear to be once again focusing on the next Brexit hurdle. Just last week the first stage of Brexit talks were completed allowing the two sides to begin discussions on trade and a transitional deal during which could be key for the City of London retaining its position as a financial capital of the world.
When the first stage was passed the Pound climbed but the optimism has since waned as the 2nd round to talks are expected to be harder. I do think that there’s potential for the Pound to climb during 2018 but for this to happen Brexit negotiations will have to progress beyond there current stages. The current Prime Minister, Theresa May hasn’t been helped recently as just last week it emerged that she doesn’t have the support needed to pass some key Brexit legislation as there were 11 largely pro-European Conservative MP’s that rebelled.
As I mentioned in a recent blog there has been little movement for the Pound this year compared with previous years, but there could always be another major swing and if you wish to be kept updated regarding any price spikes do feel free to get in touch.
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@example.com and I will endeavour to get back to you as soon as I can.