| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Pound to Euro and Dollar rates soften ahead of Article 50 speech today (Joshua Privett)
Pound to Euro and Dollar exchange rates will be the focus for most businesses and individuals today, as the 9 month wait to trigger Article 50 and begin our formal separation from the EU finally ends.
Theresa May has already signed the letter of intent which will be delivered to Donald Tusk at 12:30 today, by which point she will already be in the House of Commons giving a speech about the Government’s aims regarding the negotiations, hoping to calm any latent fears about the process, and likely side-stepping challenges about a second Scottish Referendum.
This will be the key feature in the markets today to focus on, given that the EU Council will not be meeting to discuss the upcoming Brexit negotiations until next month.
As such we can deduce that most of the markets movement today will be concentrated around 12-2pm, especially since the Pound has already recovered from some of its losses overnight. Effectively, this is a fairly calm day, and not yet reminiscent of the chaos on Brexit day.
Barclays are forecasting a rally for Sterling, corresponding to a rise on Pound to Euro and Pound to Dollar exchange rates, and Deutche Bank are saying the opposite. This is representative of the split in the banking sector on what Theresa May will say.
In the past her comments about continued Parliamentary involvement in the process, and avoiding a situation where the government acts on its own have boosted Sterling fantastically, contributing to the 6% rally for buying Euro and 4% for buying Dollar rates in January. However, she has been acting aggressively in a different vein recently, the most visible example being her successful attempts to block a meaningful vote on any deal reached with the EU to be put to MP’s being guaranteed in the Brexit Bill. This is where the chasm between bank exchange rates forecasts is found, uncertainty on the tact she will take.
You can expect serious volatility around midday today, likely more exaggerated than the jumpy market of yesterday afternoon, where global financial markets will be reacting to and second guessing key phrases from Theresa May, and the collective actions of these traders will be the power behind any Sterling exchange rate movement.
As such, opportunities can present themselves. There are tools available for anyone wishing to capitalise on any spikes in the exchange rates to buy Euros, Dollars or Australian Dollars, even if these are only available for a few seconds – ensuring any opportunities are not missed. One example is setting an automatic buy order at a target rates, so that rates are seized immediately should they become available, to avoid being ‘last to the party’ before markets correct themselves.
Many people are looking to take advantage of the exchange rates by the end of this week, in order to avoid any negative reaction to Sterling with the EU council’s reaction later – which likely want be as positive as Theresa May’s tone later today.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
Given that most movement will be happening at midday, I strongly recommend calling me directly on 01494 787 478 and asking the reception team to be put through to Joshua to discuss a strategy for your transfer based on your situation.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you thousands on a prospective transfer.
Source: http://www.poundsterlingforecast.com/2017/03/29/pound-to-euro-and-dollar-rates-soften-ahead-of-article-50-speech-today-joshua-privett/
