Home » Currency Updates » Enjoy the rate while it lasts!

The pound has been bouncing up and down in early trading this week as the aftershocks of the General Election continue to be felt through the currency markets. Last Thursday we hit a three-year high against the euro within 5 minutes of the exit poll showing a decisive Conservative victory, and we continue to see volatility in the market.

Overall though, maybe you’re disappointed that the pound didn’t stay higher for longer? After its exit-poll bounce, the pound dropped back a cent or so very quickly. This was because a Johnson victory had been effectively priced into the pound before Thursday.

It has continued downwards since, as the reality of the project facing the Government dawns. This week the Prime Minister moved to make it a legal requirement that the transition period ends at the end of 2020, which sent the pound even further south. 

Nevertheless, today’s rate is in the upper range of the major banks’ projections, as highlighted in our most recent currency forecasts, still free to download.

For anyone planning on buying a property in Europe, the next year will be crucial in two ways. Firstly, the transition period – scheduled to end on 31 December 2020 – offers the chance to become resident in the EU and retain all your current EU rights to health, pensions and residency.

Secondly, you can lock in your exchange rate for the next year with a forward contract, on payment of a small deposit. If, over the next year of intense EU negotiations, including a potential no-deal, the pound should slip, you will be guaranteed today’s exceptionally good rate.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

Secure and efficient transfers

Secure, quick and efficient transfers. Authorised by the FCA.

Protect against risk

Avoid losing money and protect against currencies moving against you.

Dedicated trader

Dedicated currency trader working with you to get the best value for your money.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

  • This field is for validation purposes and should be left unchanged.

Refer a friend or business

Recommend our services to your friends, family or colleagues and earn great rewards.