Visitors Now:
Total Visits:
Total Stories:
Profile image
By Pound Sterling Forecast (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Sterling exchange rates receive another boost, but will the Pound hold onto its recent gains? (Joseph Wright)

Tuesday, November 22, 2016 2:30
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Sterling is the best performing currency in the G10 so far this week, after it was boosted yesterday off the back of some Brexit positive news from the UK’s Prime Minister Theresa May.

Whilst addressing the CBI conference (a gathering of the leading names from the world of business, politics and media) May gave a number of hints that the government will be looking to create new opportunities through ‘new and dynamic’ trade deals. She implied that she would be looking for a transitional deal for business after the Brexit which suggests that she’s open to the UK retaining access to the single market for as long as possible.

Readers hoping for a stronger Pound should continue to pay close attention to comments by leading figures within the UK surrounding the Brexit.

The Brexit is the biggest driver of currency movement involving the Pound, with any talk of the UK retaining access to the single market, the Brexit initiation process being delayed or extensions to the 2 year separation process being met well by the markets.

The Pound is at it’s highest level vs the Euro in 2 months after gaining around 6 cents in a short period of time, mostly due to the High Courts recent ruling, Trumps election victory and May’s comments yesterday at the CBI conference.

There are a number of major financial institutions that despite Sterling’s recent gains, are still expecting the Pound to decline to levels not seen for 5 years during 2017.

HSBC remains particularly bearish regarding Sterling’s projected value next year, and DNB Markets have specifically given the GBP/EUR pair a 12 month price target of 1.0869 which is almost 10 cents weaker than its current level.

If you would like to be kept up to date with the latest Sterling news, and would like to discuss the timing of an upcoming currency exchange you’re planning on making involving the Pound, feel free to get in touch with me (Joe) directly on jxw@currencies.co.uk for a free overview. 

We’re here to help you make a well informed decision on when to make your currency transfer, and to help you benefit from highly competitive exchange rates as we’re one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible. You can also call in and ask reception for Joe on 01494 787 478. 

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.