Theresa May resigns
Theresa May has finally announced her resignation in a speech outside Downing Street earlier today.
The PM has given herself two weeks left in charge and in the meantime the Tories will have to find a new leader. The pound fell against a number of different currencies including the US dollar, falling into the 1.26 levels earlier today.
How will Theresa May’s resignation affect the pound to US dollar rate?
The news has created some excellent opportunities for anyone looking to sell dollars to buy pounds. However, what could cause even bigger movement for pound dollar exchange rates will be who comes in to replace Theresa May. There are a number of contenders including Boris Johnson and Andrea Leadsom who are both pro-Brexit so this could potentially see further weakness for the pound against the dollar. The reason is that it means we could move closer to a hard Brexit and this is something that can negatively affect the value of sterling exchange rates.
European election results add further pressure to pound to US dollar rates
We also have the voting in the European elections and although the UK has already voted, the results will not be made public until Sunday. This is likely to cause a lot of movement and could put even further pressure on the pound during the early part of next week. Therefore, if you’re in the process of buying dollars in the near future it may be worth getting this organised very soon.
GBP/USD exchange rates are at their lowest level since early January and I think personally they could drop even further owing to the uncertain political landscape in the UK at the moment.
I have worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers and I’m confident that I can help you with your requirement.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly and I look forward to hearing from you.