T: 01442 892067
With a lack of data being released during yesterday’s trading session many were predicting a quiet day on the currency markets after the long Easter break. However, as many people are aware you cannot predict what will happen in the live market and a quiet day it was not.
Prime Minister Theresa May called a surprise press conference at 11:15am outside number 10 Downing Street with early predictions of her stepping down wide of the mark. These early rumours did cause the pound to weaken off across the board by roughly half a cent. Once the true reason behind the conference was leaked to the market the pound recovered the losses it had seen.
Theresa May has announced a snap election for the 8th of June this year declaring that she needs to strengthen her hand when beginning Brexit negotiations this year. “It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond.”
“Before Easter I spent a few days walking in Wales with my husband, thought about this long and hard, and came to the decision that to provide that stability and certainty for the future that this was the way to do it, to have an election.”
This move has been seen as a positive for the pound with gains seen against every major currency. GBP/EUR moved from the mid €1.17’s to finish the day over €1.1950 at mid-market and against the USD the pound broke $1.2850 for the first time since December.
GBP/EUR exchange rate graph
GBP/USD exchange rate graph
Another quiet day on the economic calendar with Eurozone CPI and Crude oil inventories from the US the only releases that may move markets. As regular readers will be aware it isn’t just economic data that moves markets any political news will also have an effect on what rate you can achieve.
Get in Touch
If you have an upcoming currency requirement it would prove prudent to get in touch with one of the knowledgeable currency brokers at Foremost Currency Group. We will listen to your requirement, explain the services and tools that we have on offer here and then put a plan together for you which will help make the most out of your currency purchase. Get in contact on the details below or click here to open a free no obligation trading facility.
T: 01442 892067