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Autumn statement to impact sterling exchange rates this week (Dayle Littlejohn)

Sunday, November 20, 2016 13:24
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(Before It's News)

Economic data for the UK that was released towards the end of the week exceeded expectation and consequently the pound has remained strong against all of the major currencies. Unemployment has dropped to an 11 year low and monthly Retail Sales numbers were up 1.5% compared to the previous.

The main talking point this week for sterling exchange rates will be the Autumn statement by Chancellor Philip Hammond. The Chancellor has already stated that the UK economy must be ‘watertight’ as Brexit negotiations in the upcoming months will have a major impact on the pound.

I wouldn’t be surprised to see Mr Hammond remain positive whilst given his statement and continue to state that the UK need to seize the opportunities of leaving the European Union. However the statement itself could put pressure on the pound and therefore the gains we have seen for the pound since Donald Trump become President of the US could be reversed.

When purchasing currency it’s crucial to 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 drl@currencies.co.uk.

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! **

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