This report looks at the cost of sending money overseas this week and the factors that could affect your currency transfer in the coming days. This table displays market movements for a number of GBP currency pairs and the difference in value in the last two weeks:
|Currency Pair||% Change||Difference on £200,000|
The Labour Leader has suggested in a speech to the CBI (Confederation British Industry) Conference that the Queen and others should apologise for their involvement in using tax havens. The leaking of other 10 million documents has brought the spotlight of many influential members of society, putting pressure on political leaders across the world. Whilst the documents aren’t likely to have a direct impact on the currency markets, it does bring more pressure on Theresa May’s government when resources need to be focused elsewhere.
Theresa May also spoke at the same conference today and was questioned on the Brexit transition deal. She suggested when asked how businesses could make plans for the future that the transition agreement outline would not be available until Christmas at the earliest with early 2018 more likely to be the finished article.
NIESR GDP Estimate (National Institute of Economic and Social Research) will be released today which provides a month early estimate of the Gross Domestic Product data for the last three months. Whilst the release is only an estimate, it does provide an early indication of what to expect.
UK GDP has been a major mover of currency markets of late, with so much concern surrounding the Brexit fallout. Last quarter GDP rose from 0.3% to 0.4% when the level was expected to drop, if there was optimism for improvement then Sterling could gain.
After the drop at the end of last week following the Bank of England decision, Sterling recovered yesterday with the GBP/EUR rate moving back above 1.13. Considering the severity of the near 2% drop the speed with which Sterling has regained ground does show the currency's outlook is more positive than 6 weeks ago.
In the last month alone a well-timed £200,000 transfer would help you achieve over €7000 more. If you do have an upcoming requirement make sure you’re in contact with your broker to capitalise on any market movements in your favour.
For more information on how future data releases could affect your currency transfer call our trading floor on 01494 725 353 or email me here.
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