UK General Election only 2 days away (Dayle Littlejohn)

With only two more sleeps until Brits visit their local polling station to decide who will run the country for the next five years, the main story that is making headline news is how both parties plan to counteract terrorism, which is no surprise after the recent tragedies within the UK.

Labour are arguing that police cuts have had a direct impact on the safety of British people as there are less police officers on the streets, this has also been supported by the Mayor of London.  However Theresa May and former Mayor of London Boris Johnson have insisted that the police are well resourced. This argument will be swaying voters and could have an impact on the final vote count.

In regards to currency when Theresa May called a snap election the pound rose in value and over the last couple of weeks the Labour party have been gaining momentum and therefore the pound has been losing value. Consequently if Theresa May wins the Election I expect sterling exchange rates to improve in value. Any other result could cause the pound to devalue making foreign currency more expensive to buy. On the day of the last election GBPEUR exchange rates fluctuated 4 cents and US dollar exchange rates fluctuated 6 cents. This shows how much of an impact an election can have on exchange rates.

Once the election is over all eyes will turn to Brexit negotiations which are set to begin on the 19th June. With Brussels stating the UK may have to pay a €100bn divorce settle bill, this could be further pressure on the pound in the months to come. However if David Davis gets his way and manages to get away with not paying a fee for the UK’s departure I would expect to see the pound increase in value.

How can I help you?

The currency company I work for enables me to achieve clients rates of exchange that they won’t be able to achieve by using their own bank.

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.

When purchasing currency it’s crucial to analyse both the currencies you will be trading, as your 2nd currency will also have an impact on the exchange rate. For example after the election, GBPUSD could fall as I believe the FED will raise interest rates. Where as I expect GBPAUD to rise as Iron ore prices are expected to continue to fall. Therefore two different strategies for clients holding onto pounds buying US dollars and Australian dollars.

Feel free to email me the currency pair you are converting (GBPUSD, GBPAUD, GBPCHF etc) the reason for your conversion (company invoice, buying a property) and I will email you with my forecast for the currency pair and the process of using our company [email protected].

** 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! **