The Pound has dropped slightly this morning, mostly owing in my opinion to profit taking from currency speculators after two strong days of trading for the currency.
The Pound has climbed this week after speculation mounts regarding an agreed figure between the UK and it’s EU counterparts for the Brexit Bill. The reason that financial markets have reacted so positively to this news is because once an agreement has been made, the path for trade negotiations will be cleared which will then likely result in a softer Brexit.
The Pound to Euro rate almost hit 1.14 yesterday which is the top of the current trend over the past six-months or so, meaning that those exchanging their Pounds into Euros are doing so at some of the best levels in the past 6-months.
Which little data due out today the pair are likely to be driven by sentiment, and I think that in the middle of this month when the EU summit takes place, depending on what’s said regarding the UK’s Brexit progress I think that we could see the Pound move quite substantially once again.
If you have an upcoming currency requirement and would like to be kept updated regarding any short term price changes, do feel free to register your interest with me as working on a dealing floor allows us to react quickly to price changes.
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.