Will the Pound continue upwards?
28 July, 2011
The Pound has had a fantastic run in the last 10 days, yielding the best exchange rates for Euros, Dollars and a basket of other currencies, that we have seen this year.
Is it set to continue? There is no easy way to tell of course, and with no major data releases today, there is unlikely to be much further movement until tomorrow morning’s UK trade balance figures at 9.30am. Wednesday’s quarterly inflation report will be more important still.
If you need to send money abroad it’s easy to assume that exchange rates will continue on their way back up. But don’t forget the UK’s perilous economic situation – just one piece of bad news can knock confidence in the market and drag the Pound back down to where it came from.
The main thing to remember is that a specialist currency company can help you through the whole transaction as well as offering competitive exchnage rates. Anyone needing to buy or sell currency should get in touch sooner rather than later.
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