Does the upcoming election offer more downside than upside for the Pound?
Bear in mind that the Pound is already up 8% since early September on expectations of a clear win for the Conservatives.
But two polls in two days have shown Labour is closing the gap.
Remember, even if Labour doesn’t win the election, anything less than a big majority for Conservatives will lead to more Brexit uncertainty.
And given there’s a lot of ‘good news’ already built into the Pound, it leaves the rate vulnerable to any setbacks – as seen this week.
Exchange rates often do the opposite to what you think because what is expected is already built into the rate before it happens – so only the unexpected can trigger a big move in the rate.
Right now anything other than a clear win for the Conservatives is the ‘unexpected’– which is why the Pound could face downside risk over the coming weeks.
If you have upcoming currency requirements, please get in touch so we can put in place a plan to cover different eventualities.
Alternatively, to find out current exchange rates, request a free quote below.
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Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Wednesday 27th November 2019 at 09:30
£1.00 GBP = 1.1681 EURO
£1.00 GBP = 1.2856 USD
£1.00 GBP = 1.8949 AUD
£1.00 GBP = 1.9992 NZD
£1.00 GBP = 1.7053 CAD
£1.00 GBP = 18.9592 ZAR
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