Since the UK public took to the polls on June 23rd and voted out of the EU, the Great British public have been unsure whether the UK would actually leave the EU as there have been Court cases, a High Court ruling and a Supreme Court ruling that have all been stumbling blocks for the UK Prime Minister.
However 7 months later the UK are now set to trigger Article 50 of the Lisbon treaty which will start the formal process of leaving the European Union. This is set to take place this Wednesday, consequently I expect a volatile week for sterling exchange rates.
If you are purchasing a foreign currency with sterling or are converting a foreign currency back into the pound it’s important to note economists are split to whether the triggering of Article 50 will bring certainty to the pound which would cause the pound to strengthen and buying foreign currency would become cheaper or whether the triggering of Article 50 means there is no going back for the UK and therefore the pound could weaken.
If I had to put a percentage of what the traders on our trading floor believe, 80% are predicting sterling weakness compared to 20% sterling strength.
Therefore if you are purchasing a foreign currency short term I would recommend getting in touch to discuss how I can save you money compared to using your bank and trading before the triggering of Article 50. If you are purchasing the pound, being in the position that you can convert your currency is important however I would sit back and wait to Theresa May triggers and at that point put a strategy in place to maximise in the months to come [email protected].
A contract option that is very popular at the moment for my clients that are purchasing a foreign currency is a forward contract. This allows them to buy their currency now and pay later. For more information email me with the reference forward contract.
For more information on a specific currency pair 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 protected].
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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