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Sterling recovers slightly but the currency is now trading within lower ranges, will this trend continue? (Joseph Wright)
It’s been an interesting week or so for the Pound after the currency has seen some big movements against some of the major currency pairs.
Last week Euro weakness pushed the GBP/EUR exchange rate up to it’s highest point of 2017 so far, which was 1.1900 dead on the nose. It’s short term movements like this where the service we provide to clients can be of use to them, as for those that had a GBP to EUR currency exchange requirement and wished to be kept up to date, many exchanged their Pounds at the ‘top of the market’.
Those that did are likely to be pleased with their decision as the Pound has come under pressure since, and earlier today GBP/EUR hit 1.1635. When exchanging large amounts of money for the purpose of buying a house a abroad for example, an almost 3 cent difference equates to a large amount of money which is why keeping us updated with your plans can really assist you.
The Pound has also fallen against the US Dollar quite sharply over the past week or so. Personally I’m not surprised by these drops when we consider that the formal beginning of the Brexit process will take this month should the UK governments plans now go ahead. Although much of the uncertainty for the UK economy and therefore, the Pound’s value has already been priced into markets, I wouldn’t be surprised to see the Pound decline as the Brexit begins.
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.
You can also call in to speak with me directly on 01494 787 478, just ask reception or a member of the reception team to speak with Joe.
Source: http://www.poundsterlingforecast.com/2017/03/02/sterling-recovers-slightly-but-the-currency-is-now-trading-within-lower-ranges-will-this-trend-continue-joseph-wright/
