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Buying Euro and US Dollar exchange rates deteriorate amid concerns for UK industry (Joshua Privett)
Buying Euro and US Dollar exchange rates have had a difficult few days on the currency markets following a strong performance at the back end of last week, the only winners seem to be Australian and New Zealand Dollar buyers so far in April.
So why the deterioration for Euro and US Dollar buyers?
Now that Article 50 has been triggered and the reactions from both sides of the Channel have been digested, it seems that for the first time in a while economic performance information, which used to be the bread and butter for changing currency exchange rates, will be coming back to the fore. At least until the French elections later this month concerning the Euro.
Unfortunately the replacement of politics for economics in governing Sterling rates hasn’t boded well for the Pound in the first few days. Underwhelming manufacturing data on Monday, and matching lacklustre figures yesterday for the construction sector are already creating a worrying picture for the Pound, explaining the deterioration in buying Euro and Dollar rates.
What is suggestive for future trends is that these figures for construction and manufacturing were not based on output, but rather business confidence in both sectors. Low confidence figures released just days after the triggering of Article 50 explains the worries on the Pound that this is representative of other sectors as well. We shall find out next week when similar results for the service sector hit markets to trade on.
The only reason Australian and New Zealand Dollar buyers have seen a rise was due to matching poor news from their own economies to begin with.
With the boost last week to the Pound and the poor footing we have begun this month on, worries about data to be released at the end of this week and the beginning of next are driving further demand for foreign currency for anyone holding Sterling. Before these currencies gain further expense due to rising demand driving up their price, anyone with a Euro or Dollar buying requirement in the short to medium term may be wise to move sooner rather than later and secure these recent improvements.
Of course the opposite applies to Euro and Dollar sellers who may enjoy some more profitable exchange rates as we progress further into April.
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.
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/2017/04/05/buying-euro-and-us-dollar-exchange-rates-deteriorate-amid-concerns-for-uk-industry-joshua-privett/
