Sterling exchange rates sat at pivotal points

As we close in on the festive season we currently have Sterling exchange rates sat at key points against a number of major currencies.

The Pound is currently hanging just below 1.20 against the Euro, near 1.25 against the Dollar, near 1.70 against the Australian Dollar and 1.80 for the New Zealand Dollar.

Having seen Sterling struggle to break through and stay above the 1.20 marker I wonder if the thinner trading levels and key economic data out this week may be enough to finally push it through?

We have Public Sector Net Borrowing figures on Wednesday, Consumer Confidence on Thursday and Gross Domestic Product (growth figures) due out on Friday morning.

During this time of year there are much thinner levels of trading so these economic data releases can have a larger impact than they usually would so it is key that if you are aiming for a particular rate of exchange or you have a pending currency exchange to carry out then you should really let us know. We pride ourselves on keeping our clients fully up to date with market movements so if there is a particular level you are looking to achieve then make sure you get in touch.

I have no doubt that the next few weeks will also involve a lot of Brexit jawboning and Supreme Court rumours so be sure to be on your guard as we may see fairly rapid and unexpected market movements over the Christmas period.

You can contact you broker here by calling our trading floor on 01494 725353 and they will be happy to set up a limit order, a rate alert or can simply keep you fully informed of what happens in the market.

Strike action may hold back the Pound?

As far as I can see at the moment there are two potential banana skins for Sterling exchange rates at present, the Supreme Court ruling which we expect to hear in early January, and the current strike actions which is not good news for some of our largest travel operators.

We currently have southern rail, British Airways and Royal Mail staff taking strike action which is going to cause a few problems over Christmas. On top of travel and postal chaos this will also lead to a huge loss of revenue for these companies which may impact U.K economic data in the early part of 2017.

We are open during the Christmas period to assist clients with their currency requirement, call us on 01494 725 353 or email me here to book a transfer today.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.