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Sterling crashes overnight against the Euro and US Dollar Tom Holian)
The Pound has crashed overnight against the Euro as automated trading driven by the Asian markets has caused huge movements on the global currency markets.
At one point Sterling vs the US Dollar had dropped by as much as 6% which is the biggest daily rate movement since the night of the Brexit and the sharp movements have been caused by automatic trading systems owing to a news release.
The Pound has also fallen on the news that French President Francois Hollande is demanding that the UK will have to face tough negotiations with the European Union in order to leave.
The uncertainty caused by Article 50 has really hit Sterling hard and in the last month we have seen GBPEUR exchange rates move by as much as 9 cents from the high to low or the difference of £6,800 on a currency transfer of €100,000. If you need to buy Euros over the next few weeks in order to protect yourself from potential further falls on GBPEUR rates then it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
Since Theresa May’s announcement last week that the UK will trigger Article 50 by March 2017 this has caused the Pound to plummet and we have seen GBPEUR exchange rates fall for the 5th consecutive day.
The recent UK economic data has all been relatively strong recently and the Pound has continued to fall against all major currencies so it seems abundantly clear that the foreign exchange market is being driven by the uncertain political situation in the UK and our relationship with the European Union.
Having worked in the industry since 2003 I am confident that not only can we offer you competitive exchange rates when it comes to either buying or selling Euros but also to try and help you with the timing of your trade.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian teh@currencies.co.uk and I look forward to hearing from you.
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Source: http://www.poundsterlingforecast.com/2016/10/07/sterling-crashes-overnight-against-the-euro-and-us-dollar-tom-holian/
