Where next for the Pound against all major currencies? (Tom Holian)

The Pound has tumbled against both the Euro, US Dollar and all other major currencies since Thursday evening when the first exit polls that were released suggested that the UK could face a hung parliament.

The fall continued during early Friday morning when the vote was confirmed that the Tories would not be able to form a majority government.

At the moment the Tories are looking at forming an agreement between themselves and the DUP in order to takes things forward. To me this is simply a matter of time before this takes place and this could help to stabilise the Pound.

Calls for Prime Minister Theresa May to step down have not yet taken place and I think for the foreseeable future she will stay in power as at the moment there appears to be no viable alternative.

The next period for exchange rate volatility for the Pound will come when the Brexit negotiations look at starting which could be as early as this time next week.

The issue for me is that the discussion involves 27 member states all of which do not necessarily want to encourage countries leaving the European Union so I think they will make the talks both difficult and protracted.

The only potential for Sterling strength in the longer term will be if the UK manages to agree a softer Brexit maintaining access to the free market but if this happens it is not likely to happen in the near future.

Having worked in the foreign exchange markets since 2003 for one of the UK’s leading currency brokers I am confident not only of being able to offer you better exchange rates compared to using your own bank but also help you with the timing of your transfer.

If you would like to save money when buying or selling currency compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian [email protected]