If you are a regular reader you will know that Brexit talks will continue to put further pressure on sterling exchange rates for the remainder of the year. Now that UK Prime Minister Theresa May has announced she will be invoking Article50 in March we have to expect sterling weakness up until the event.
Yesterday Attorney General Jeremy Wright told the High Court once the process of leaving the EU begins there is no going back and Theresa May does not need the consent from MP’s within parliament. This is further bad news for the pound as it seems the triggering of Brexit will actually occur early next year.
A story I believe will make headline news in the upcoming months will be if the Scottish Government will hold a 2nd referendum in regards to remaining part of the United Kingdom. SNP leader Nicola Sturgeon has announced she wants the Scottish people to decide their own fate , in other words she wants Scotland to remain part of the EU and she’s happy to leave the UK to do this.
Short term the UK are set to release their latest inflation numbers this morning at 9:30. The consensus is for a slight rise which could cause the pound to spike against most of the major currencies. If you are buying a foreign currency in the short term, this is a spike you may wish to take advantage of. It takes two minutes to send me an email with your requirements and I can alert you to the buy price we can achieve presently. By doing this you can make a comparison to your own provider to make sure you are receiving the best price possible.
To answer my original question of ‘What to expect for the pound for the remainder of the year?’ I strongly believe the pound will come under pressure and there is a good chance sterling exchange rates will continue to fall. However it’s crucial you analyse both the currencies you will be trading, as there could be spikes in the market to take advantage of.
Feel free to email me the currency pair you are trading (GBPUSD, GBPAUD, GBPCHF etc) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair email@example.com.
Property purchases and sales are my area of expertise, therefore if you need to purchase a foreign currency or you are about to complete on a sale abroad, today is the day to get in touch to discuss your options and to get an understanding of how we can save you as much money as possible.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you minutes and in the past I have saved clients thousands! **