Sterling hits midweek roughly 3-4% down against USD compared to this time last month, but just about holding its own against EUR, despite slipping around 1% from the highs it reached last week.
The question is really whether this is a temporary blip or a decisive change in direction. There is much talk on the economic and For-Ex forums about sterling’s relationship to risk and other asset prices, but as Rupert Murdoch said, “economists were created to make weather forecasters look good”, so don’t expect a reliable answer on sterling’s future to come from any of the leading banks’ analysts, some of whom were predicting GBP at €1.06 by now.
In the meantime, if you are planning a purchase abroad – or maybe agreed a purchase last year and are ready to complete but cannot travel abroad – you trader will be able to help you, so do give yours a call on 020 8108 5337.
They are all very experienced in major overseas transactions and will be able to protect your sterling budget.
The UK’s overseas travel ban being extended from 17 May to the end of June (although this is apparently simply for “legislative convenience” and could easly be pushed forward again) wlll be a source of worry for those with family, business interests or other financial commitments overseas. Our traders may well be able to help, so if you or anyone you know needs help with currency movements, large or small, do use our referral service.
