Not too much new news regarding Sterling. That’s probably the way it will be until year-end. Naturally, BREXIT and the so-called divorce talks will dominate in the coming weeks. The UK is rumoured to be putting their offer higher for a settlement. Although this is said to be more than double the first offer, it is still less than original estimates. Good for the pound, probably won’t have too much of an effect.
English & Spanish
What will affect the pound is the uncertainty around what is going to happen with BREXIT. It certainly is putting pressure on the UK Government to agree! For us, it’s the uncertainty that will continue to weigh heavily on the pound. One thing that could help the exchange rate is the German Election result. Like many votes in the past year or so, it was a surprise that Chancellor Merkel did not win outright.
Again, this could exert some pressure on the single currency and perhaps help the pound short term. A welcome change you may think! The economic calendar is pretty quiet this week so the markets will be looking towards Brexit news and other political news. If Sterling really does look like making a move up we see it being mainly against the USD. The pound has held all support against the USD and may even get as high as 1.35 again.
Of course we will then have to see how the USD performs against the Euro to gauge the direction of the STG/EUR cross!
Let’s see what news hits us this week but definitely look out for BREXIT comments.
Have a good week.
The Premier FX Team
More about Premier FX
Premier FX is a UK Limited Company with offices in London, Spain and Portugal. They are regulated by UK Revenue & Customs and authorised by the Financial Conduct Authority (FCA). Client funds are held in secure, segregated accounts at Barclays Bank in London and are fully protected by law.
Related articles to currency exchange.
When it comes to buying a property on Mallorca or if you are regularly receiving or paying money in another currency then it is well worth while speaking to the currency exchange specialists on Mallorca. Call now! […] Premier FX Currency Exchange Mallorca
September brings a new school year; and with it, for some, fees to pay! If transferring money from abroad to meet the costs, do it sensibly to save. […] Lessons in Saving Money on School Tuition Payments
Buying property in Mallorca? With a little simple forethought and planning, you could save thousands! […] Buying a home on Mallorca – Currency Considerations
The Palma Boat Show results in increased spending and money transfers – find out how the yachting community increases cost effectiveness with this guide. […] Sailing, yachting and….. saving money?
This article was updated on the 20th of November, 2017.