After a busy month in May the Pound appears to be in for another volatile month of trading, as this morning the Pound has weakened once again on fears over the general election in 1-week’s time.
The current UK Prime Minister, Theresa May is coming under increasing pressure and this morning the talk is of her no-show at last nights televised debate between the political candidates for the election on the 8th of this month.
Political uncertainty is one of the main drivers of currency movements and in the lead up to key elections it’s opinion polls that are watched closely for indications of the potential outcome. The race is closing between the Conservatives and the Labour party and this is seen as a negative for the Pound as should there be no clear winner with a majority of the vote, there could be a hung parliament which would create issues in such a key time for the UK as it enters Brexit negotiations.
Two key polls have been released in the past few days, one from YouGov and the other from The Times and both indicate that the Conservatives may not even win the most seats let alone a majority of the vote.
I expect the Pound to continue to come under pressure between now and the day of election, as no clear winner is bad news for the Pound for the aforementioned reasons.
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 email@example.com and I will endeavour to get back to you as soon as I can.