Queens speech result (Dayle Littlejohn)

Yesterday morning members of Parliament within the House of Commons voted to decide whether UK Prime Ministers minority government would go ahead after all. As expected Theresa May received the majority vote of 323 votes to 309 because of the support given by the DUP. As expected the pound received a small boost against most of the major currencies but nothing worth talking about.

When converting a foreign currency with the pound in the current market conditions I think its essential that you analyse the other currency that you will be converting as trying to predict the pounds future at the moment is very difficult.

Looking ahead Brexit negotiations are going to make headline news however trying to predict how these negotiations go is impossible as no one has a crystal ball. In my opinion I believe the pound will lose further value before it gets stronger. However a saving grace is that the Bank of England are being very hawkish at the moment in regards to interest rates which could indicate small spikes in the market could materialise.

Economic data to look out for next week which will cause short term falls and spikes for the pound are:

PMI construction at 9.30am Tuesday

Inflation hearings 11am Tuesday

Trade figures 9.30am Friday.

Feel free to email me with the pair (GBPUSD, GBPAUD) the reason for the transfer (company invoice, property purchase) the timescales you are working to and I will respond with my forecast and the process of converting currency. My direct email address is [email protected] and I look forward to receiving your email.

If you are buying or selling euros in the upcoming weeks and are looking to achieve competitive rates of exchange whilst receiving regular economic information feel free to email me with your requirements or call the trading floor on 0044 1494 787478 and ask for Dayle Littlejohn.