The pound starts off the week at roughly the same rate as last Monday, although 4 or 5% below both the US dollar and the euro compared to two months ago. It was salutary to hear Sir Richard Branson say late last week that the pound could be at parity with the US dollar, let alone the euro, if we have a no-deal Brexit. And that is why we urge anyone with a transaction on the horizon to lock in their rate with a forward contract.
We have to mention the cricket. With apologies to those who aren’t British, don’t care, or who are from New Zealand, one of the greatest cricket matches ever played was the happiest occasion for Britain since Andy Murray won Wimbledon in 2013. It almost felt like the country was united again. United behind a batsman born in New Zealand, a bowler from Barbados and a captain from Dublin. “Freedom of movement” has never looked like a more successful concept!
Although it came down to a thrilling finish, the result came from careful analysis of the risks, endless advice from an experienced captain and coach, and most of all, teamwork. Not just yesterday but throughout the last few weeks.
Obviously I have to compare this to planning your currency strategy. Just “turning up on the day” just isn’t going to cut it in any human endeavour and that includes anyone with big plans to buy a property abroad, or move abroad.
In the end you have to be bold and take your chances, but speak to us first about how to manage your currency exchange. Please call your trader on 020 7898 0541.
