Pound looking good in October, but for how long?

The Pound has formed some nice uptrends in October so far.

GBP has not only climbed against the Euro and US Dollar, but also against the Aussie and Canadian Dollars too.

I wouldn’t say it’s backed up by fundamentals.

The data out of the UK economy has been pretty mixed lately.

As you would expect, financial markets have turned their attention to the situation in Israel.

Stock markets have rallied. That might seem counter-intuitive, but it’s because investors are expecting central banks to take a more cautious view now and hit pause on interest rate hikes.

Currency markets have not reacted as strongly as you might expect.

Typically, on the outbreak of war, the US Dollar would go up due to it’s safe-haven status and Pound Sterling would weaken relatively. It hasn’t really happened so far.

It still remains a risk if the situation in the Middle East gets worse.

So what next, what should you do?

Get ahead of the game and read our Guide to Foreign Currency Exchange.

Download the Guide Here - with no obligation of course.

If you are looking to sell Pounds and buy Euros or Dollars, you should bear that in mind.

Please get in touch if you have any upcoming requirements so we can keep an eye on rates for you.

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To find out our latest rates, click below.

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Current rates:

Wednesday 12th October 2023 at 10:10

£1.00 GBP = 1.1574 EURO

£1.00 GBP = 1.2298 USD

£1.00 GBP = 1.9181 AUD

£1.00 GBP = 2.0489 NZD

£1.00 GBP = 1.6718 CAD

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