Pound Sterling still sinking following explosive Referendum result!

Following the Leave referendum result that has seen us start the process to exit the European Union the Pound has dropped to a 31 year low against the Dollar and seen billions wiped of stock markets around the world.

Lets be clear, we are in uncharted waters now concerning the UK’s economy and I predict a substantial period of volatility. When it comes to holidays and travel money consumers are already feeling the pinch with £100’s of pounds being added to the cost of their holidays.

There is a flip side though with those who have been sitting on foreign currency especially US dollars and Euros are now seeing great returns when converting back to Sterling.

With the UK losing its coveted AAA credit rating yesterday and uncertainty surrounding the UK’s exit plan as well it’s future trading position with the EU and indeed the rest of the world, further Sterling weakness is highly likely. I feel when Article 50 is invoked marking our permanent exit from the EU, we will see a further dramatic drop in the Pound and the current rates will seem very attractive.

My advice to those wanting to buy currency, should be to act sooner rather than later and take advantage of any however fleeting spikes in Pound strength. For those with currency to sell, the time is certainly now if your looking to make a good return.

As usual CurrencyDeals4U strives to bring you the latest market analysis and the best rates on buying or selling currency. The markets will be very active in the months ahead and we will endeavour to keep you updated with all relevant developments.

GBPEURO rates continue to fall as June 23rd referendum approaches…

GBPEURO rates have continued to decline in the last week as the leave campaign takes a tentative lead in the polls.

Euro buyers may have already missed the boat if hoping for higher rates as the vote closes in, 6 cents have already been wiped out since market levels rose to 1.30 less than seven days ago.

My expectations would be for further Sterling weakness as investors look to more secure currencies to invest in before the 23rd.

The Dollar has also seen recent strength in the last 24 hours seeing a loss of 2 cents against the pound.

In my opinion positive UK data will on the whole have little impact on rates at the moment as polls and surveys take precedent on affecting GBPEURO rates.

Tuesday may present the best opportunity of next week for Euro buyers if UK output figures show favorable levels. Even this is unlikely as the UK economy slows down as demand falls on the run up to the referendum.

My advise to my clients would be to act sooner rather than later if you require currency in the next 4-6 weeks.

On the flip side those that have been holding on to currency are being presented some great levels to convert back into sterling presently.

As usual our buy rates are high street beating so if you need a quote on selling your leftover currency feel free to drop me a message at accounts@currencydeals4u.co.uk or alternatively customers can use our contact form on the website.