With voting due to start tomorrow the referendum is still too tight to call. The Telegraph have combined the latest six polls and it came in a dead heat at 50/50. The remain camp gained some momentum of late due to the tragic death of MP Joe Cox and Faraj’s tasteless immigration poster. Sterling strengthened against the majority of major currencies as a result.
Recent reports from the International Monetary Fund (IMF) have been damning. Christine Lagarde the Head of the IMF stated a UK exit from the EU would be “pretty bad to very,very bad”. This was followed up by Finland’s Finance Minister Alexander Stubb, who said a Brexit could be “Europe’s Lehman Brothers”.
GBP/AUD currently sits in the 1.95s. If the UK remain in the EU expect 2.05 +. If the UK to leave I would expect around 1.80. The wise move for those with a currency requirement at present would be to hedge. To have all your eggs in one basket is a risky strategy. It is literally like walking up to a roulette wheel and putting your whole trade value on red or black.
If you do have currency trade and are looking to move pre-referendum, but do not have all the funds available it is possible to book a forward contract. A forward contract is essentially buy now, pay later. It requires a 15% deposit, but is proving very popular during such a volatile period.
If you have a currency requirement I would be happy to assist. I will be your eyes and ears in the market keeping you up to date with any spikes or troughs. I am prepared to come up with an individual trading strategy and I am confident in beating any competitors rate of exchange. As an indication we can beat the majority of high street bank’s rates of exchange by 2-5%. Please do get in touch for a no obligation quote by e-mailing me at [email protected].