The market remains fixated on the Referendum results, the impact continues to shock the market. The impact its had on the British economy is yet to be seen. Check live exchange rates here.
Following on from the referendum result on Friday Sterling exchange rates have had a real tough time as the markets react to the decision of the U.K to leave the EU.
We have seen some fantastic opportunities for those looking to sell foreign currency and have entered into a shaky time for those looking to send money overseas now or in the near future.
I thought I would explain just why Sterling has dropped by so much and what we can expect in the near future.
Two of the main factors that will impact a currency are economic stability and political certainty and now that the U.K has voted to leave we are faced with problems for both.
Investors and speculators alike are now likely to leave the Pound alone until we at least see the dust settle and have a clearer picture of what may be happening, both in terms of our economic plans and who will be steadying the Governmental ship through these exceedingly choppy waters.
If you viewed the U.K as a business then nobody would invest into that business unless they knew who would be managing it and what the plans for the future were and that is why the Pound has been finding life tough post Brexit.
I personally feel that once the dust has settled that we will see Sterling start to edge back up in the right direction but the issue that we have is that it is extremely dusty out there so if you have requirements over the summer then it may be prudent to take advantage of current levels to avoid the risk of any further disappointment. We offer a number of contract options here so if you would like to discuss these in more detail then feel free to contact our trading floor today and we will be more than happy to assist you.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.