The Pound has been trading in a volatile fashion today as a number of headlines have resulted in Sterling movement.
Although there is no major data set for release out of the UK this week, and there was little released today by the way, I wouldn’t be surprised to see the Pound move further as Brexit talks appear to be heating up.
This afternoon we saw the Pound sold off as it appeared that Brexit Secretary David Davis has a different opinion to his European counterparts regarding how Brexit negotiations are going. The International Monetary Fund’s Managing Director, Christine Lagarde today also threw her hat into the mix and stated that there needs to be more clarity regarding the Brexit, and that a ‘No Deal’ Brexit is unimaginable.
The downward trend has since reversed for the Pound as in the last 30 minutes or so its been reported that Michel Barnier, the European Chief Negotiator for Brexit has stated that the EU could offer the UK a 2-year transition stay in the EU market after Brexit.
In a market like this its very difficult to judge which way the market will move, but working on a trading floor means that we’re able to react quickly to the sudden moves.
Today’s price movement has been over 1.25% which on large currency transfers can equate to a substantial amount of money, which is where timing your transfers can really make the difference.
There are no major announcements out of Australia either this week, so I expect the pair to continue to be driven by sentiment with today’s trading session being a clear example of how comments from significant personnel can move the markets.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.