The recent political turmoil surrounding the Prime Minister has come to a conclusion with Theresa May being the only candidate left standing and consequently will be the countries new Prime Minister by tomorrow evening. This has helped steady the market with the Pound pushing slightly above 1.18 against the Euro at Market rate.
This may be short lived as a interest rate cut and possible quantitative easing looking more than likely to be announced Thursday at 12PM by the Monetary policy Committee. This will likely see the Pound once again drop back against most currencies.
Those with short term plans should be looking to act within the next 48 hours to take advantage of the current spike and avoid disappointment by the end of the week.
Fresh blows to the UK’s economy have begun to play out over the last few days with 3 major fund managers halting withdrawals on UK property funds highlighting a weakening investor confidence in the pound sterling.
As such the Pound dropped to a new 31 year low against the dollar, briefly touching 1.27 before rising slightly to 1.29 today. Similar losses were seen against the Euro with the Market rate hovering at 1.17.
Domestic companies such as banks and supermarkets have seen sharp losses on the FTSE 250. With warnings of a price war between the supermarkets this is further highlighting the instability of the markets in general right now. As political unrest continues to grip all major parties I feel there are certainly more shocks around the corner.
My prediction for the rest of July will be further downward pressure on the Pound against most major currencies as Brexit fall out continues to play out financially and politically. Indeed Gold has jumped to fresh highs as investors look for safer ground such as government bonds and commodities.
With this in mind my clients should be looking to act sooner rather than later as the major holiday season approaches before levels such as 1.10 for the Euro are hit possibly by the end of July. On the flip side those with currency to sell that have been holding off since before the referendum are now seeing great returns on there investment.
We will always look to beat all competition on the high street on leftover currency for example 500 Euros today would give you a return of £416.67! Please get in contact for all buyback rates for up to 50 currencies too secure a great deal today.
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