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Buying Euro and Dollar rates still tentatively dipping following Sunday’s revelations (Joshua Privett)

Tuesday, October 4, 2016 0:49
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(Before It's News)

Many with an upcoming Euro or Dollar purchase or sale are watching GBP/EUR, GBP/USD and GBP/AUD with a keen eye after the curve-ball given by Theresa May on a Sunday morning political talk show.

Second guessing political outcomes seems to have caught up with investors once more as it did during the Referendum, when financial institutions lost billions betting that there would be a Remain vote.

Some investors, despite the recent hints from Boris Johnson that Article 50 will be enacted early in 2017, believed that there would be further hints of delays which would allow the Pound some respite. The sudden realization that this was not the case caused the Pound sell-off on Monday morning which has undercut Sterling’s buying power against all major currencies.

The question on everyone’s lips is whether this news will simply be a short-term sting?

The only certainty now is that this official time-frame of six months at most will continue to be a background feature in the marketplace. Companies now planning their capital allocation for the next quarter and even for the turn of 2017 will now face the question of whether investment in the UK is a priority, and whether their profits should be stored in Sterling or a more stable currency?

Whilst there is no definitive answer, the sensible option would be to act warily concerning the Pound and the UK economy for the moment until a better idea of what a ‘Brexit’ entails begins to manifest. Any fall in demand for the Pound should see buying Euro and Dollar rates begin to slide further.

My personal suggestions for any reader would depend on the time-frame you have to conduct your transfer. If you require a foreign currency within the next week, moving immediately should avoid the gradual fallout permeating the marketplace at the moment and undercutting the Pound. You can contact me on 01494 787 478, simply ask the reception team to be put through to Joshua, for a competitive quote on your transfer, or simply to discuss the options open to you to safeguard an upcoming transfer. I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you thousands on an upcoming transfer.

A longer time-frame allows you greater flexibility to see how the fresh data sets on economic performance in October allow for a reverse in the current trend for Sterling.

A point of note, if you are considering purchasing Australian Dollars in the short-term, the news coming out overnight from the Reserve Bank of Australia affirming previous statements that no further rate cuts will occur this side of 2017 means that the sting for GBP/AUD was more exaggerated than on GBP/EUR, GBP/USD.

You can also get in contact by filling out the form below, and whether you have a buying or selling Sterling requirement, we can discuss the options open to you to safeguard your transfer against any adverse movements, and make the most of any opportunities which may emerge in the time-frame you have allocated to conduct your currency exchange.


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