Buying Euro and Dollar exchange rates whittling away ahead of the weekend (Joshua Privett)

The gains made by the Pound yesterday from a remarkable turnaround in the retail sector last month have already dwindled, with buying Euro and Dollar rates of exchange falling away by half a cent from yesterday’s highs.

With almost no economic performance statistics to hit the wire today, and with little political news of note (at least from the UK side of these pairings, we all know the intense spotlight that Trump is currently under), this market movement becomes a question of psychology.

As I have written numerous times on this website, the beginning and end to the week can bring some abnormal trading patterns into the marketplace, namely due to the effect global time differences and staggered entry into the weekend brings to a trading arena filled with an immeasurable number of participants.

One thing to remember about traders is that the value of their portfolio changes by the second, and buying and selling Euro and Dollar exchange rates in particular shift. The profit they have accrued during the week must be consolidated, either in a safe currency, or by buying alternative assets outside of currency.

Some currencies are viewed to be more stable than others. Despite a strong, well, very strong showing for the Pound on Thursday with retail sales growth doubling expectations, the UK election is still around the corner whereby Brexit negotiations will then enter full swing. As such this year the Pound has suffered regularly during this period.

Investors sometimes race to be the first to sell as they are not at their desk to protect their positions. For example when UK markets close around 6 pm North American markets will continue to run for another few hours. This sell off of Sterling is the harmful factor, with its value crumbling with reduced demand.

As such anyone with a very short-term requirement to buy Euros, US Dollars, or Australian Dollars with Sterling may be wise to contact me on 01494 787 478 to discuss a live price for your transfer and avoid being ‘last to the party’.

I have never had an issue beating the rates of exchange on offer elsewhere, so a short conversation could save you a healthy sum on your next transfer.

Anyone with a slightly longer term transfer can also contact me on [email protected] to discuss a strategy for your transfer in the run up to the election aimed at maximising your currency return.