The Pound's Recent Gains are dropping back

Pound dips as UK election looms

The Pound seems to have given up some of its recent momentum.

It’s had a jolly good run against the Euro, Canadian Dollar and Japanese Yen lately.

These favourable moves look technical as there isn’t an obvious catalyst to drive the Pound higher.

With UK inflation now back to the target level of 2%, the Bank of England has good reason to start cutting interest rates.

This would be expected to weaken the Pound, but the first cut isn’t expected until 1st August.

For now, it’s all about politics.

The UK election is just 1 week away!

And we are also about to have the first round of the French election and the first presidential debate in the US.

As a result, we could see heightened volatility in the GBP, EUR and USD.

So what next, what should you do?

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

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If you would prefer to lock-in a rate and avoid the uncertainty, then please get in touch.

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Current rates: 

Thursday 27th June 2024 at 10:50

£1.00 GBP = 1.1820 EURO

£1.00 GBP = 1.2645 USD

£1.00 GBP = 1.8961 AUD

£1.00 GBP = 2.0725 NZD

£1.00 GBP = 1.7300 CAD

£1.00 GBP = 1.1345 CHF

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