London Terror attack 03/06/17 (Joshua Privett)
Once more on this website it is with a heavy heart that I must report on another terror attack, and for the third time since March, this is on UK soil.
At the time of writing 7 people have been confirmed killed, in addition to the three attackers who were shot and killed, and 48 are currently being treated in hospital.
Whilst discussing currency at this moment seems trivial, the potential impact on buying and selling Euro and Dollar rates must be addressed, in conjunction with any changes in the Pound’s value.
I will say straight away that it seems unlikely last nights horrific and senseless events will be impacting the Pound when markets re-open on Monday. As seems to be the case in previous instances, and unfortunately there have been many in recent years, when a situation is proved to be contained, the currency attached to the victim country regains its value.
However, this attack has occurred over the weekend, so no market movement could register in the first instance. Hence the likely absence of a currency movement come Monday as a direct result of Saturday nights events.
We have already been told that the election on Thursday next week will proceed as planned, though campaigning has been disrupted. Whether major parties will recommence on Monday remains to be seen. Only UKIP are continuing with their own campaigning today.
There is not a substantial amount of economic data out next week, so the election should continue to be the key variable affecting anyone with a Euro, Dollar or Australian Dollar buying or selling requirement.
The most recent polls were released over the weekend and I have included them below.
- Conservatives 47
- Labour 35
- Comres adds that PM May’s personal approval rating has turned negative for the first time since becoming prime minister
- Conservatives 40
- Labour 39
- The previous poll from this lot (back on May 21) showed a 12 point lead fro the Cons.
- Conservatives 42
- Labour 38
- Prior YouGov poll had the PM with 7 point lead, down to 4 now
- You Gov project a 14 seat majority for May’s party
- Conservatives 45
- Labour 36
- Conservatives 45
- Labour 34
- Cons ahead by 9 compared with 14 in this poll a week ago
Whilst still a large disparity between the polls, the gains for Labour are obvious. In April 22 point leads were not uncommon in the Polls. Given the depreciation in the Pound since this resurgence for Labour, financial markets have shown themselves to be more excited at the prospect of a Conservative majority.
With these last minute polls still not providing certainty as to whether a Conservative majority will manifest, I expect protective trading in the run up to the election to continue, with the Pound gradually losing value up to, and including, polling on Thursday.
Following this the result will be the governing factor on GBP/EUR, GBP/USD and GBP/AUD moving forward.
As such, anyone with a Euro, US Dollar or Australian Dollar buying requirement may be wise to secure their currency within a short period of the opening bell on Monday to avoid potentially swallowing distasteful rates later on in the week.
I work for one of the longest running currency brokerages in the UK, and I have never had an issue securing more competitive exchange rates than what is on offer elsewhere, and these current buying levels can be fixed in place for a future requirement. This is useful if you require currency later on this year, but do not wish to gamble on the election result improving your situation or making your transfer more expensive.
You can contact me over the weekend whilst markets are closed on [email protected] and I will respond to you as soon as I am able with a quote and a tailored strategy for any of your upcoming transfers.
Source: http://www.poundsterlingforecast.com/2017/06/04/london-terror-attack-030617-joshua-privett/
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