Pound recovers from 5-week low

Expect the unexpected, as the saying goes.

Last week saw the Bank of England bottle it...big time.

After signalling a rate rise was on the way, they decided to do nothing (default mode).

The media are dubbing Governor Andrew Bailey “the unreliable boyfriend”.

Financial markets don’t like surprises.

The shock news sent Pound Sterling crashing to 5-week lows against the Euro.

An interest rate hike in the UK was one of the main reasons propping up the Pound.

As a consolation prize, the Bank of England did say it’s likely to increase the interest rate “in the coming months”. While vague, it’s helped lift the Pound off recent lows.

So now what?

Brexit is back.

There’s a fight brewing between the UK and EU. The UK is pushing to reduce border checks to speed-up trade, and if so, the EU is threatening to suspend the Brexit trade deal.

Any bust-up would hurt both currencies but make no mistake; it would hurt the Pound more.

The good news is that volatile times tend to present opportunities for buyers and sellers.

As always, it’s a matter of timing.

Unlike banks or online platforms, we are happy to discuss and agree on the right time to exchange your money.

Do reach out to our team on 01872 487 500 to talk through your personal requirements.

Or to find out our latest rates, click below.

Thanks For Reading, What Next?

To discuss Exchange Rates and Your Currency Options, please contact our trader today on 01872 487 500.
Need to Trade Your Currency soon, then request a free quote and we’ll look after you from there.

Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.

Current rates:

Wednesday 10th November 2021 at 10:10

£1.00 GBP = 1.1710 EURO

£1.00 GBP = 1.3538 USD

£1.00 GBP = 1.8363 AUD

£1.00 GBP = 1.9035 NZD

£1.00 GBP = 1.6816 CAD

£1.00 GBP = 20.4124 ZAR

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