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Another Sterling negative headline pushes the Pound lower, will the Pound continue to reach new lows? (Joseph Wright)

Thursday, October 13, 2016 2:24
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The ongoing effects of the UK electorate’s Brexit vote is once again in the headlines this morning, and for very relatable reasons.

Tesco as it stands has fallen out with a major household product supplier called Unilever, who provide everyday goods. The reason behind the deterioration in their business relationship is due to the depreciating Pound pushing up the prices of a numebr of household goods.

As it stands customers are unable to buy a number a household goods online, such as Marmite, Hellmann’s mayonnaise, Pot Noodles, Lynx and PG Tips amongst other major brands.

Personally I think this could be just the beginning of a number of price wars created due to the Brexit votes effects, with petrol likely to gain in value also over the upcoming months.

Another major lender has announced this morning that they expect to see the GBP/EUR pair continue to decline over the coming months down to 1 for 1 and that’s at the mid-market inter-bank level. Many holiday goers are already experiencing these levels as a number of bureau de changes are already offering less than 1 Euro for a Pound as their rates are generally very noncompetitive.

There is little to no economic data out of the UK this week so we can expect to see headlines such as this mornings to continue to drive Sterling exchange rates this week, as has been the case for much of this year.

With our pro-active service we assist our clients with the timings of their trades daily, and we’re here to help clients trying to buy Sterling at the best possible rates of exchange also so feel free to get in touch if you would like to discuss exchange rates, your price targets or the markets in general.

If you are planning on making a currency exchange involving the Pound, it’s worth your time getting in contact with me on in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible. You can also call in and ask for Joe on 01494 787 478.


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