Despite rising from it’s lowest levels since the Brexit vote, the Pound isn’t expected to reverse its current downward trend against the Euro according to some key figures from within the financial services sector.
The UK is now one of the worse performing economies within the G10, and with news emerging that the UK’s property market is beginning to stagnate and that foreign investment into the UK is reducing I’m not surprised by some of the warnings analysts are offering.
The lead Foreign Exchange Strategist with Morgan Stanley, Hans Redeker recently advised staying ‘short’ on the Pound. For those unfamiliar with this terminology it means betting that the Pound will continue to fall.
Should his prediction be correct I think it’s likely that we can expect to see the Pound fall below the 1.10 mark which is currently acting as a support level.
Those planning on making a Pound to Euro transfer should be aware that the Pound has previously fallen below this psychological trading level, and that there have been predictions of a fall for the Pound down to parity with the Euro.
There is a bout of data out of the UK tomorrow at 9.30am which cause provide the Pound with a boost should the Industrial and Manufacturing data impress.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.