It’s an important week for sterling exchange rates as UK Prime Minister Theresa May could trigger Article50 as early as Tuesday. Tomorrow (Monday) MPs will debate the House of Lords amendments that give EU nationals rights and MPs will get a final vote on the Brexit deal Theresa May manages to negotiate. The Brexit secretary David Davis has advised MPs to leave the Bill unchanged so the UK can get the ball rolling and start moving forward. It feels like an age ago when the Great British public took to the polls to decide the UK’s future.
Towards the end of last week the pound lost value against all of the major currencies and if you are a regular reader of poundsterlingforecast I have been predicting this for weeks. The closer we get to triggering Article50 I believed exchange rates would fall and when the PM actually announces the triggering, I expect exchange rates to fall further. For any of my clients that are purchasing sterling, if they took my opinions on board they would be receiving an additional 4% on EURGBP exchange rates and 3% on USDGBP exchange rates in the last two weeks.
For people purchasing sterling, when Theresa May triggers Article50 this could be the window of opportunity that you have been waiting for and I believe is the time to exchange your currency at multiyear highs, as it’s very difficult to predict sterling exchange rates in the upcoming months. The currency company I work for can generate clients a considerable amount of additional sterling compared to using a high street bank. For more information simply email me directly and I will respond with the process of using our company firstname.lastname@example.org.
As for economic data this week the Bank of England are set to release their latest interest rate decision on Thursday. The consensus is for no change and therefore the decision should be a non event. The volatility will come from Governor Mark Carney’s press conference shortly after. If Theresa May triggers Article50 earlier in the week, it will be interesting to listen to Mr Carney’s comments. If you are purchasing a foreign currency short term and would like to be kept up to date this week with developments from the Bank of England or Brexit feel free to also email with your requirements.
In other news the US Federal Reserve are set to release their latest interest rate decision Wednesday evening. There is a great change the FED will act and raise rates which will cause different movement for different pairs. For example I expect GBPUSD to fall where as GBPEUR could actually slightly rise.
If I have not covered the currency pair you are trading 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.
My area of expertise is property purchases and sales. 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! **