UK Retail Sales the focus today!

The pound is performing well against all currencies as a greater impression of a softer Brexit continues. The upshot from Boris Johnson’s speech this week is that he will ‘play ball’ over whatever direction the government is travelling. The Government’s aim to ensure regulatory ‘harmony’ between the UK and EU, in order to ensure access for the City and Financial Services, is supportive of a softer Brexit and less of a concern for markets.

A softer Brexit should see the pound stronger as it means there is less reason for markets to be fearful over what deal and relationship the UK will have. The closer it is to what we have already is good news int he market’s eyes. This matter is far from resolved wand we may not have news on any concrete plans for many months, however for now, this impression is supporting the pound. Clients looking to buy a foreign currency with the pound may wish to think long and hard about the current trends and the scope for this to rise higher.

Today the key news is UK Retail Sales at 09.30 am. UK Retail figures can often be a market mover for two reasons. Firstly, consumer behaviour is a key component of GDP (Gross Domestic Product), simply put UK consumers spend a lot of money and their spending is crucial to the UK economy. Secondly, the data is quiet tricky to accurately predict coming in from a range of sources. Therefore, the scope for the data to be slightly wide of any initial prediction can see swings as investors react to price in the new or actual figures.

If you have any currency transfers to make buying or selling the pound or any currency we are able to help with the planning and execution of any transfers. We can offer a commercial rate of exchange which I am sure would save you money over other options, a comparison on money matters is always sensible. I personally have never had trouble beating other companies in particular online transfer companies, most clients I deal with also like that for a large sum of money there is someone they can talk to about the markets and feel reassured about the various options.

For more information at no cost or obligation please speak to me Jonathan Watson by emailing jmw@currencies.co.uk.

Thank you for reading and I look forward to hearing from you.