Will you be celebrating or drowning your sorrows by Friday evening? I know what I’ll be doing; marking a year of incredibly hard work by my team with a drink and a mince pie. It takes huge commitment and customer care for them to take number one in all four of our currency and payments categories on Trustpilot.
But back to the matter in hand…
The pound slipped back yesterday as opinion polls showed a narrowing of the Conservative Party lead.
If the Labour Party wins tomorrow I suspect the pound won’t be the only thing moving rapidly south over the next year. This isn’t a comment on what we would like to happen, but as our manifesto infographic yesterday showed, there is plenty of radical policy there and the markets don’t like change. Even if the polls are right this time though, and the Conservatives are the largest party for an unprecedented fourth election in a row, in which direction will the Labour Party go next? They’ll be gearing up for a serious chance of power in five years’ time.
A Conservative win should boost the pound, or that may have been priced in over recent weeks and the pound could stay where it is. The novelty of yet another Conservative government will soon end and the year ahead could be decidedly rocky for the pound. Or maybe trade deals will be quietly done, visa arrangements calmly introduced without fuss and transition period extensions barely making the news as life outside the European Union becomes normal.
A hung parliament will ensure it all carries on. We can at least agree with the PM on that. However, since according to official data the British have been getting happier over the past few years, perhaps we’re all getting used to it. For the pound, remember the currency markets did quite like it earlier this year when the chances of a second referendum were thought to be increasing.
Whatever the election brings you, we hope it makes you happy. But just in case it doesn’t and you wish to move ahead with your plans, our trading desk will be open from 6am to 7pm on Friday. If your plans depend on an excellent rate like today’s, why not call your trader and lock it in for the year ahead with a forward contract?
We are open until 6pm today and from 8.30am to 8pm tomorrow.
You can call your trader on 020 7898 0541.
