Local Elections and Exchange Rates
Today is a quiet day for economic data so it is likely that the local elections will take centre stage as the results keep coming in. At present it seems that UKIP have gained a large amount of seatswhile the Conservatives and the Liberal Democrats have appeared to lost seats although results are going to come through continually today with the expectation that the final confirmed results will be announced on Monday. One of the main factors on the currency market is political stability and so while the elections continue any surprise results or a big split across the 4 major parties could mean we see some instability for the Pound. Once the local elections have passed the focus will be on the general elections next year which again could have major implications on Sterling and as the build up gets in to full swing there is likely to be a lot of movement on the currency markets as policies are announced and opinion polls are held.
If you need to transfer funds internationally and would like to discuss the current exchange rates and the options available to you please do not hesitate to contact one of our senior currency traders here at Foreign Currency Direct plc on 0800 328 5884 or if calling from abroad call us on 0044 1494 725353.