The Pound has found some support late this afternoon, following a poor run through the early part of the trading week.
GBP/EUR rates have just hit a high of 1.1393, having fallen as low 1.1321 this morning. GBP/USD has also moved back above 1.34.
Sterling has found life tough going of late, struggling to make any inroads against the majority of major currencies.
In truth it’s been a tough for weeks for any clients holding GBP, with the Bank of England’s (BoE) decision not to raise interest rates last month seemingly the catalyst for its recent demise.
Since that juncture we’ve seen a very poor run of economic data, culminating in yesterday’s disastrous Manufacturing data. The figure was well below the market predicted result and was in fact the worst figures seen since 2012.
As such, investor confidence in Sterling remains minimal, with investors selling off there Sterling positions over recent week as fears over Brexit continue to engulf the market.
However, this afternoon’s spike will at least offer those clients with an upcoming Sterling currency exchange to execute some hope. Today the next stage of Brexit negotiations got underway inside the House of Commons, with the markets keeping a close eye on developments for any potential insight into the current state of negotiations.
Reports have confirmed that MP’s have voted against the House of Lords vote, on the basis that the government has agreed to introduce an amendment to the EU withdrawal bill. This will give Parliament a “meaningful vote” but not the decisive say on any final Brexit deal.
Whilst we are still for the full details of the agreement to be released, the decision seems to have eased the markets fears and the Pound has benefitted as a result.
I am still not anticipating a major spike over the coming days and those clients with upcoming GBP currency exchanges to make, amy wish to consider taking advantage of the current upturn.
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 [email protected] to find out all the options available to you ahead of your currency transfer.