By Luke Dyson
For the week to date we have seen sterling lose further strength across the board as the end of year draws close.
Pounds sterling remain under pressure, mainly from the euro and US dollar with the central banks (ECB and Federal Reserve) as they have reiterated their fight against inflation will continue. Whereas, the Bank of England is expected to end their monetary tightening before the others.
As we now enter the Christmas period there could be a significant drop in market liquidity as central banks and retail traders close up shop until the new year. This means volatility could drastically increase making market movements a bit more unpredictable as and when any political or economical data is released.
To put a slight market drop into perspective if you were to exchange £150,000 at the beginning of last week the compare it to this week’s rates, you would be just under the three cents different mark on sterling to euro with you now achieving circa €4,000 less.
If you have an up and coming currency requirement please don’t hesitate to get in touch with your currency consultant today, even if you are not ready to make your transfer we can run through strategies and ensure you have a chance to buy at the best time possible, whether that is this year or the beginning of next year ready for your property purchase.
Christmas Opening Hours
Friday 23rd: 0900 – 1300
Monday 26th – Tuesday 27th: CLOSED (UK bank holidays)
Wednesday 28th – Friday 30th: 0900 – 1300
Monday 2nd: CLOSED (UK bank holiday)