Pound sterling dropped yesterday following worse-than-expected GDP data for the UK, showing in particular a slump in car manufacturing.
The Tory leadership contest is now beginning in earnest, and we could see significant volatility on the back of it. There are several votes to come, with Boris Johnson currently the favourite.
The euro is still at one of its strongest levels against the pound since January, but is susceptible to external pressures, particularly in a week with little data from inside the single currency zone.
The possibility of rate cuts is still weighing down on the USD, and China-US trade talks appear to have stalled again. Trump is threatening further tariffs against the PRC if no progress is made by the end of this month’s G20 summit.
You would never make a purchase in your own currency that would fluctuate in value by potentially thousands of pounds, so don’t let that happen to you with an international transfer. Secure a fixed, unchanging exchange rate with a forward contract. Speak to your Personal Trader on 020 7898 0541 today to find out more.
