If you’ve been reading this website for quite some time the chances are that you may be either contemplating moving money to Europe or potentially looking to buy Sterling with Euros. We are now trading at the best exchange rate to buy Pounds with Euros since November as the political landscape in the UK is looking very uncertain.
At the moment we are almost two weeks on from the recent election and although the Conservatives were the largest party they were not able to win with a majority. The likelihood is that the Tories will form an agreement with the DUP but this is still dragging on.
The Queen’s Speech was made yesterday and this will be voted on next week so I expect to see the Tories and DUP form an alliance by then as otherwise this will be extremely uncomfortable for the Conservatives when the vote in the House of Commons takes place.
All in all there is a lot of uncertainty which is leading to problems for the Pound and with the Brexit negotiations having just started things could be uncertain for quite some time for the UK and therefore the Pound.
However, if and when the UK decides to opt for a soft Brexit this could lead to the Pound recovering so if you want to take advantage of current exchange rates but do not have the full amount of funds available you can look at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit. This can be very useful if you’re in the process of selling a property in Europe.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you. I work for one of the UK’s leading currency brokers and welcome your enquiry.
Email me Tom Holian firstname.lastname@example.org