As financial markets opened up for Christmas trading week, the weight of Covid’s new travel restrictions triggered strong sales of everything pound-related. GBPUSD is now down more than 3% from highs of 1.3623 last week [now a very distant memory]. If this momentum continues, 1.30 will be back in sight, a pace that has not been seen for nearly 2 months.
GBPEUR is now down almost 4% from last week’s highs.
The volume of physical exchanges at this time of year is naturally lower, due to annual holidays and local holidays. However, with Brexit negotiations and another round of foreclosure restrictions underway, volatility and risk levels have increased dramatically. The volatility index climbed 32%, the biggest move since late October.
If you plan to trade or have currencies to move, please contact us. A 500,000 GBP swap to France to buy a property just cost another 20,000 GBP. If you were to bring 350,000 USD back to the UK you have earned almost 8,000 GBP since last week.
Private customers: 0207 801 9080
Business customers: 0207 326 9120
E-commerce customers: 0207 801 1068.
Have a nice day.
Author: Alistair Hutson, Senior Relationship Manager.
While every effort is made to ensure the accuracy of the information posted here, you should confirm the latest exchange rates with WorldFirst before making a decision. The information published is of a general nature only and does not take into account your personal goals, your financial situation or your specific needs. Full disclaimer available here.