6th December 2019
UK Election Week – What does that mean for your Currency transfer?
On Thursday the UK go to the polls where the only thing certain is the uncertainty. In the early hours of Friday morning, we will start to see the constituencies announced and the path in which a Government will or will not be formed. If you’re looking to make a transfer in the near future, there are a few things to consider.
Currently, GBP/EUR is at a 30-month high
At the moment of writing the mid-market rate for GBP/EUR is sat at 1.184 this level was last achievable in April 2017. Whilst the rate has climbed over the last few weeks anybody who follows foreign exchange markets knows that anything can change. If you complete a foreign exchange transfer at the current level it would be difficult to argue that it wouldn’t have been a good time. Just for opening an account we will enter you into a weekly draw to win £200 of Amazon Vouchers. To open up an account and speak to an experienced trader click here
Who would believe an Election opinion poll?
One week before Theresa Mays General Election in 2017 the opinion polls were confident the PM would increase her majority and Brexit would be swiftly resolved after that point. Clearly that is quite an infamous decision in Mrs May’s Premiership and does provide a stark warning for anybody planning to play politics. We once again face the same question as the predictors believe the PM will have a significant majority and could lead to Boris getting his Brexit deal through the House of Commons. Only time will tell how correct they might be.
Strangely enough, with there being so many different potential outcomes there are both risks and rewards for buyers and sellers. Normally political events can be black and white with regards to how a market will respond, however in this election the market interpretation is hard to gauge. If the PM doesn’t win a majority arguably that takes us the furthest we have been from a No Deal Brexit however the Brexit situation may last considerably longer.
FCD has been helping clients for nearly 20 years to move funds around the world. As a specialist currency brokerage, we have a trading floor with decades of experience when it comes to transferring funds abroad. We aim to offer incredibly competitive rates of exchange and provide clients with as much information as they need to help them make a decision on when to execute a trade. Please feel free to get in touch to discuss any requirement that you have with the election around the corner. You can speak to a trader by opening up a free account and asking for a call - there is no obligation.
