Buying Euro rates hit 1.17 briefly twice last week but continue to fall away with the Pound struggling to gain much more value in the short-term.
The news of a Trump victory, particularly when he adopted a much more measured, unifying and conciliatory tone upon the acceptance of the country’s vote for his candidacy, has played well with the Pound’s attractiveness in the marketplace. Trump is seen as a key ally in assisting the UK to secure a promising deal in our upcoming negotiations with the EU, particularly given that the current agreement on the table between the US and the EU is coming into question at the moment.
Yet Friday trading continues to be a feature which haunts the Pound and anyone considering buying a foreign currency.
On Friday afternoons the actors who regularly move capital large enough to shift the currency markets, high street traders, have to decide which currency to allocate their capital into to end the week. The Pound, despite the recent improvements, is anything but stable, and is regularly at the bottom of this list during this period. This is why the Pound has consistently lost value during this period due to decreased demand.
However, we will likely some improvements to begin the week as markets return to normal.
As last week showed, buying rates up at the peak of these two month highs are around for very short periods. It is best to be in a position to move quite quickly to ensure you are not ‘last to the party’ in these situations.
A limit order is a popular option which I offer my customers to automatically buy your currency once a particular level is reached to avoid missing any opportunities.
To discuss a strategy for your transfer, to explore current forecasts on buying or selling Euro rates in more detail, and to answer any questions you may have about the benefits of using a currency broker to assist in your transfer, you can contact me over the weekend whilst markets are closed on email@example.com
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