Sterling starts the week in an uncertain mode. If you’re concerned about the rate slipping away from you, give your trader a call on 020 8108 5163 and discuss locking in your rate.
We’ve seen a few ups and down over the course of the past year, some quite sharp, but the general drift has been downwards, like waves hitting the shore while the tide goes out.
The problem with your currency weakening undramatically like this, is that by the time you come to buy a property abroad or need a pension sending overseas, you suddenly realise that your currency is worth a lot less than you had planned for, or need. And there the tides analogy no longer works as there is no guarantee that the rate will ever return, as we discovered in 2008 and 2016.
That’s why Smart offers orders to call or orders to buy, whereby you can ask your trader to either call you when the rate hits a certain level, or buy a pre-arranged amount of currency for you.
That way you ensure that you can still afford your plans while ignoring barely moving exchange rates. Leave that to your account manager. Call him or her on 020 8108 5163 to put that in place, or read more about it here.
Will there be any decisive change in direction this week?
Certainly on the data front there is little to get excited about. Several members of the Bank of England’s rate-setting panel are speaking this week, which will be closely monitored by the markets as they begin to consider what the Bank will do about interest rates in late-March.
There is also PMI data this week, starting tomorrow morning. However, most of the action may well be on the euro side, with some potentially influential data from Germany.
