The Pound vs both the Euro and the US Dollar has struggled since the beginning of the month hitting the lowest rate to buy Euros in three months and hitting a 3 week low vs the US Dollar.
The Pound has also remained in a very tight range against a number of major currencies for a long time and even though economic data has been both positive and negative during this period it appears as though the market is waiting for updates on what is happening with the Brexit talks before making its move.
We are now almost a year on from when Prime Minister Theresa May initially triggered Article 50 and the Pound has not really done anything since.
With the EU summit round the corner taking place on March 22-23 this could be the real catalyst for changes to Sterling exchange rates. At the end of last year the Pound made some positive movements after citizens rights were agreed but the gains were relatively short lived.
In the talks coming up the key points will be the crucial transitional period which takes places between March 2019 and December 2020 and as yet little has been decided. The UK still does not have anything formally agreed but if the talks go well could this be what is needed for the Pound to improve?
Only time will tell but what you have to remember is that the talks will need to work for both sides so I’m confident that we’ll be able to show some signs of progress which could help the Pound towards the end of this month.
In the short term Chancellor Hammond will be releasing the Spring Statement on Tuesday which could cause some movement for the Pound.
If you would like to be kept updated with what is happening to Sterling exchange rates or indeed any other currency pair and would like a free quote then contact me directly and I look forward to hearing from you.
I have worked for one of the UK’s leading currency brokers since 2003 and I am confident of being able to offer you bank beating exchange rates.
Email me directly Tom Holian email@example.com