It’s been another testing day for the Pound, which has seen its value decrease against the majority of major currencies.
GBP/EUR rates have remained fairly flat throughout the day, with the pair range bound between 1.13750 – 1.1423. This is likely due to the recent pressure, which has been building on the Euro. The Eurozone economy has flattened of late, with political instability and concerns over trade wars cooling investor confidence in the single currency.
This in turn has helped support Sterling around the current levels but as of yet, it has struggled to make any sustained impact above the 1.14 threshold.
Looking at GBP/USD and unfortunately the same cannot be said. The greenback continues to go from strength to strength, gaining over a cent today.
To put it in perspective these are the best rates selling USD and buying Pounds this year. The US economy is looking strong and whilst the Pound should find plenty of support around 1.30, any spike back towards 1.35 looks unlikely over the coming days.
Sterling has been under a huge amount of late, with investor confidence in GBP fragile at best.
Fears over the current state of the UK economy have continued to manifest themselves, in line with the greatest signs of stress shown since the Eurozone economy and double-dip recession six years ago.
The Pound in turn had struggled to make any impact against the single currency, USD and others, which seems to be a direct result of the current malaise inside the UK economy.
With Brexit talks becoming more clouded and a seemingly divisive split in the UK government, the Pound continues to find life tough going.
Despite this seemingly negative outlook, there are always opportunities in the market as yesterday’s movement proves.
Those clients holding Sterling may wish to protect their positions, as there are certainly no guarantees that the trend will be reversed anytime soon.
If you have an upcoming Sterling currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award-winning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on firstname.lastname@example.org to find out all the options available to you ahead of your currency transfer.