Exchange rates remain stable
29 December, 2016
There has not been much movement for exchange rates over the Christmas period, and yesterday was no exception as the Pound drifted a little lower against the Euro and was slightly higher against the US Dollar.
A lack of any important data plus thin Christmas trading meant there was little to move exchange rates, and that continues today and tomorrow as we head towards the start of 2017.
Overall the Pound looks set to finish the year around 12% lower against the US Dollar, and 14% against the Euro, compared with the beginning of the year. Next up Theresa May is due to outline the government’s plans for Brexit next month ahead of triggering Article 50, so we would not be surprised to see the first quarter of 2017 provide further losses for the Pound. If you are worried about that happening, don’t forget you can fix your exchange rate up to 2 years ahead with a Forward Contract from Currency Index, or set a best or worst case rate for your transaction with a Limit or Stop Loss order too. Why not give us a call during this quieter week to run through your options?
A happy new year from all of us at Currency Index – we are open until around 1pm today and likewise tomorrow.
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