Snap Election causes Sterling Rally
Theresa May last week called a snap election for 8th June. The result was that the pound moved to five month highs against the Euro. Usually a snap election would cause the currency in question to weaken. However, on this occasion due to the weakness of the competition we saw the pound strengthen. The conservatives are seen as the safe bet for the UK economy and investor confidence grew significantly.
1.20, a resistance point?
Five months ago GBP/EUR reached similar levels, but failed to break the 1.20 level. Many of those who wish to trade have picked 1.20 as the point they wish to exchange. The market readjusted each time we reached close to the elusive 1.20. If you have to trade short to medium term it may be worth taking advantage of rates the next time GBP/EUR hits 1.19.
French Election, Macron the favourite
Yesterday saw the conclusion of the first round of voting in the French presidential election. As predicted, the top two candidates to go through to the second round will be Macron and Le Pen. Marine Le Pen is the leader of the National Front and has made her intentions clear to ditch the Euro and leave the EU. If Le Pen does gain power I would expect the Euro to lose substantial value. The euro gained strength following the voting yesterday as as it Macron came out in front 2.5% ahead of Le Pen. Fillon also backed Macron for the second round which could sway the voters that were previously with Fillon.
It is important however not to forget that polls are not always the most accurate. 40% of the French populace are yet to make up their mind which way to vote. The remain camp were clearly ahead in the polls when it came to the UK referendum, and the UK ended up leaving. The US presidential election had Clinton out in front and Trump gained power. I am of the opinion immigration was a major factor in both of the votes as will in the French election. The silent vote could be huge. Many are scared to voice their opinions on immigration for fear of being branded a racist, slipping a piece of folded paper in a ballot box holds no such fear. I would not be shocked if there is a Le Pen victory. If you are a Euro seller be sure to get in touch to discuss your options. The second round of voting will commence on 7th May.
If you have a currency requirement it would wise to be in touch with an experienced broker. The timing of your trade is crucial, If you have an experienced broker on side they can keep you up to date with what is happening in the market to help you make an informed decision. Should you find our information useful and you would like me to assist with your trade I will be happy to help you personally. If you inform me of the the currency pair you are trading, volume and time scale and I will provide a free trading strategy to suit your needs. I work for one of the top brokerages in the country and as such I am in a position to better virtually every competitors rate of exchange. You would also be looking at saving anything up to 4% in comparison to high street banks. Please do get in touch by contacting me at email@example.com. Thank you for reading my blog.
Testimonials – Daniel Johnson
Daniel Feller and his family live in Melbourne, Australia, having made the move there from the UK some years ago. Following their decision to make extensive renovations to their Australian property Daniel needed to send money from his bank account in the UK to Australia.
Why Daniel exchanged foreign currency
Daniel and his family needed to transfer Pounds to Australian Dollars and send the money from the UK to Australia to fund their house renovations. Having been recommended to use Foreign Currency Direct by a friend in Melbourne who had used the service before, Daniel got in contact. Daniel was quickly speaking with his dedicated currency broker and discussing his requirements and situation in order to help maximise his Australian Dollar return. Daniel commented, ‘My dedicated broker, Daniel Johnson explained the process really clearly, and it all sounded straightforward. I had been recommended by a friend so I knew they were trustworthy’.
With a significant amount of Australian Dollars required, some complex transactions and the timing important, Daniel was looking to get the best exchange rate at the time. ‘The service was very efficient, a quick discussion and I needed to fill in some online forms. The security process was simple and reassuring and I was very happy with the exchange rate I received’.
What Daniel had to say about the service
Following the introduction by a friend, Daniel used Foreign Currency Direct to convert his Pounds to Australian Dollars. After the transaction Daniel said, ‘It was quick and easy. Dealing with the same person throughout the process was helpful as they knew everything about my situation. I was also very impressed by the speed of the transfer to Australia!’
Nigel is a retired record label owner from the UK who, having finished his career, decided to make the move across the Channel for an idyllic life in South-West France.
Following an introduction in 2009 by his French estate agent, Nigel used Foreign Currency Direct to transfer the funds from the UK to France for the purchase of his property in Lot et Garonne in the Aquitaine region.
Why Nigel exchanges foreign currency
Having been so impressed with the service of his dedicated broker for the currency exchange when he bought his house in France, Nigel continues to use Foreign Currency Direct when making transfers to pay bills and to regularly move his private pension from the UK to France.
Nigel can relax and enjoy life, safe in the knowledge that when he needs to send money to France he can simply notify his currency broker, transfer the funds and the Euros will arrive in his French bank account in a matter of hours, “I don’t want to waste my time spending hours online, or with call centres where I speak to a operator who only knows about me what they see on the screen in front of them. I’m retired and have other things I would much prefer to be doing. I just want a simple, fast and secure process that means I get my funds sent to my French bank account on time, every time. That’s why I continue to use Foreign Currency Direct”.
What Nigel had to say about his experience
Having used Foreign Currency Direct for transferring his funds for the last 8 years, Nigel commented: “It’s very easy, the whole process is done in under 10 minutes. It’s so quick, the money arrives in my bank as promised and you know it’s going to be reliable because it is every time”.
When asked what he particularly liked about the currency exchange service Nigel said:
“Having a dedicated account manager is great. It feels like I’m talking to a friend, but a professional one. My currency broker, Daniel, is friendly, knowledgeable and everything happens exactly as he says it will – he’s never let me down”.