It’s going to be an intriguing day on the currency markets. We have the Eurozone manufacturing and services Purchasing Managers’ Index and US new home sales. And who isn’t excited about the UK mortgage approvals data for June? Oh yes, and Boris Johnson becomes Prime Minister of the UK.
The currency markets were profoundly unmoved by the announcement, although it will be interesting to see if his Cabinet announcements stir any interest.
All the same, many people with a currency exchange coming up will be looking at the new Prime Minister-ship much like that famous diary entry for 20 July 1969 from a teenager in Devon: “I went to arts centre (by myself!) in yellow cords and blouse. Ian was there but he didn’t speak to me. Got rhyme put in my handbag from someone who’s apparently got a crush on me. It’s Nicholas I think. UGH. Man landed on moon.”
For most of us, the only thing that really matters to us is what happens to us: the pound in our pocket – to quote the Prime Minister in 1969, Harold Wilson. We still have little idea how the pound in our pocket will be affected by Prime Minister Johnson, but we are almost certainly in for a bumpy ride.
To protect the pound in your pocket, and protect your move abroad if the pound collapses, we would strongly suggest calling your trader on 020 7898 0541.
We can lock in your exchange rate for the year ahead with a forward contract, so you can focus on more interesting things, like what colour cords to wear and who’s got a crush on you.
But if you are interested in the finer detail of the currency markets and what affects your exchange rate, do read about our new quarterly currency forecasts here.
