Buying Euro and Dollar rates of exchange have entered Friday in a much more stable position compared to the sheer chaos caused in the early hours of last week with the flash crash in Asian markets.
That being said, the Pound is slightly down to begin the day against all major currencies, which is suggestive that speculation is still the dominant force governing the marketplace in this hypersensitive environment.
If you were not aware of the flash crash last week then your currency requirement must have only some up in the last few days. The Pound was battered by either a gigantic erroneous trade, or a severe miscalculation in automatic trading algorithms, in the early hours of Asian trading last Friday which caused a heavy deterioration on GBP/EUR, GBP/USD and GBP/AUD.
This was an artificially forced drop which the Bank of England are still investigating and markets have since recovered. However there was still a net loss, and such a crash was only possible due to the heightened anxiety surrounding the Pound since the announcement of a hard deadline from Theresa May for Article 50 by March 2017.
This anxiety has since been heightened by the likes of EU President Donald Tusk stating it’s either ‘Hard Brexit or no Brexit’ with both sides making markets nervous that no gentle exit will be able to be found.
To coincide with all of this, we are now entering another Friday and the abnormal trading patterns associated with this.
Each Friday almost like clockwork since the Referendum, the Pound has had a difficult time in the afternoon heading into the weekend due to profit-taking in the market place undercutting its value.
Whilst this was eclipsed by the added mania last week, this is still a persistent issue for Euro and Dollar buyers, likely more so with the currently panicked financial world.
Each Friday trader’s at high street institutions have to allocate their funds into a stable currency whilst they are away from their desks for the weekend in order to protect their capital. For obvious reasons the Pound is very low on this list of stable currencies which are in high demand during this period. As such the Pound is sold off during this period and its value falls off a cliff.
I strongly recommend that if you have a GBP/EUR, GBP/USD, or GBP/AUD requirement in the short-term to contact me this morning before the volatile period begins in earnest this afternoon to discuss how to protect an upcoming transfer from any adverse movements, and receive a competitive quote for your transfer.
I have never had an issue beating the rates of exchange on offer elsewhere, as such a brief conversation could save you thousands on an upcoming transfer. You can reach me directly by calling 01494 787 478 and asking the reception team for Joshua.
Euro and Dollar sellers can also get in contact to discuss the options open to you to seize any peaks which emerge in the time-frame you have to make your transfer in order to maximise your sterling return. As my argument above suggests, if I was in your position I would not be looking to move straight away.
You can also contact me via email on email@example.com or fill out the form below and I will be in contact as soon as I am able to: [contact-form]