Sterling exchange rates have opened up negatively this morning against all major currencies including vs the Euro and the US Dollar as we are now only a few hours away from the Autumn Statement.
The recently appointed Chancellor or the Exchequer Philip Hammond will deliver the news later today and it could be a tricky release bearing in mind the political events that have taken place so far during 2016.
One of the key issues will be how the Chancellor plans to move away from Osborne’s previous plan to cut the trade deficit by 2020. With GDP expected to be downgraded for 2017 from 2.2% to 1.3% it will be difficult for Hammond to provide too many positive ideas for the UK so I think we could see some problems for Sterling during today’s trading session.
The Pound has seen some gains recently as the tone from Europe appears to be softening towards the Brexit and ongoing talks are that we could see a soft Brexit with possible access to the single market when the negotiations finally begin.
The Italian referendum is also due in a fortnight so politically there are clearly problems ahead for the Eurozone and this could be reflected in Euro weakness in the medium term.
Therefore, if you need to buy Euros in the short term then it may be worth looking at doing something shortly before the Autumn Statement is released.
Having worked in the foreign exchange industry since 2003 I am confident that not only can I save you money on exchange rates compared to using your own bank when buying or selling currency but also help you with the timing of your transfer of funds.
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 and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org
Or call me directly on 00441494787478 and ask for me directly when calling in.