This week’s Brexit votes have dominated headlines and driven GBP movement, with the Pound experiencing significant fluctuations.
Notably, GBP/USD surged over three cents (hitting a 9-month high) and GBP/EUR struck a fresh 21-month high after climbing nearly 2 cents.
What’s been happening?
These developments throw up a variety of possible outcomes, ranging from a General Election to no Brexit at all, but fundamentally it makes the prospect of a Hard Brexit less likely.
However, it’s worth noting that just because MPs voted against a no-deal Brexit, it doesn’t make it law and it’s still very possible that the UK could crash out of the EU on the 29th March or on a future date.
With another vote ahead and the future of Brexit still unclear, further Sterling volatility is likely.
If you want to keep track of the latest currency movements, log in to your online account to check live rates and set rate alerts.
Other services you might be interested in include:
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Stop loss order – Control the risk of an exchange rate suddenly falling by setting a worst-case rate. You can wait for conditions to improve but know your transfer is protected if they worsen.
Forward contract – Fix the exchange rate for up to two years ahead of making a transfer.
Currency wallets – Buy currency now and keep it in your wallet until you need it.
If you have a currency transfer coming up and want to talk through your options, please get in touch by calling 0800 612 9625 or +44 (0) 1736 335 250 or emailing firstname.lastname@example.org.
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