Will the Pound get any stronger against the Euro and Dollars? (Joshua Privett)

The short answer is that if the Pound does strengthen against the Euro and the various Dollars available for purchase, it will most likely be before August.

Today the Pound took a heavy hit with some frankly morbid news about post-Brexit business conditions in the UK. Economic activity in the UK has deteriorated to a 7 year low in the weeks which have followed a Brexit vote. This was also the largest fall in a single month on record.

Manufacturing and service sectors saw a serious decline in output and orders. The only other occurrences when negative economic outlook was this poor was during the global financial crisis, the dot com bubble burst, and the Asian financial crisis.

Yet luckily for Euro and Dollar buyers the fall was contained to about 1%. Much of the current news for the UK is priced into the current value of the Pound so further negative news isn’t having as dramatic an effect as three weeks ago.

However, these individual data releases can add up, and eventually weight heavily on the value of any currency.

The first two weeks of each month sees the release of economic performance figures from the previous month, and understandably is where you can get some of the heaviest currency movement for the month. The data released today was allowed to be seen early as this was a preliminary survey, rather than the exact figures to be released next month.

This is why I mentioned the beginning of August as a red-flag for Euro and Dollar buyers as the Pound will likely be facing some heavy criticism during this period.

In the meantime, Euro buyers may see some respite with the release of stress test results on European Banks. With the recent news of Italian Banks facing a debt crisis, these results may paint a picture of instability and therefore create opportunity before August.

I strongly recommend that anyone with a currency requirement should contact me [email protected] to discuss a strategy for your transfer in order to maximise your Euro or Dollar return.

I have never had an issue beating the rates of exchange offered elsewhere, and these current buying levels can be fixed in place to avoid the downside risk in August affecting your transfer. As such a brief discussion could save you thousands on your currency exchange.

Euro and Dollar sellers, who have some time to play with, should also reach out to discuss how to approach the next few weeks in order to make sure any peaks with emerge within the time frame you have to complete your transfer are maximized.