Have a Super Thursday

For those of you who haven't already seen, MPs have voted by a majority of 384 to allow Prime Minister Theresa May to get Brexit negotiations under way.

This was widely expected across the board and due to this, the market did not react to the news.

So it is good news is that there is some certainty on the horizon at least, the Government can begin the process of triggering Article 50, which is something that can help stabilise the Pound as a currency.

So far this week we have seen the Pound start to bounce back slightly, predominantly against the U.S Dollar following President Trump's remarks about the Dollar being "too strong", we are currently trading above 1.26 for GBPUSD and above 1.17 for GBPEUR.

What happens next will determine the direction of the Pound, Today we are expecting Theresa May to publish a white paper for her Brexit plans. This document will detail her 12 point EU strategy that she spoke about in her recent speech, and will be heavily scrutinised by the media & MP's. We are not expecting any surprises from this document, but the Government do always enjoy surprising the markets so do not rule out something in that document which could potentially cause market movement.

More importantly, the BoE will have it's interest rate decision and release the inflation report at Midday on Thursday. We are not expecting any change as far as interest rates and monetary policy are concerned, but due to inflation rising globally due to oil prices it will be interesting to see how the inflation report comes out. Shortly afterwards, BoE Governor, Mark Carney will hold a press conference where he will give his thoughts about the UK economy, inflation levels, and of course, Brexit. The last time he spoke he sounded a lot more positive about the resilience of the UK economy, so it would be great if this opinion was echoed in this particular press conference, but as I always say, never try and second guess a speech, anything can happen!

In closing, Today is expected to be a volatile day for the Pound, and if you are trading we would suggest using stop losses, forward booking and other financial tools to mitigate your exposure.

We have all seen how quickly the Pound can weaken, so if it is at a level you feel comfortable at currently, there is little value in gambling on the market set your rate today.

Current rates:

Thursday 2nd February 2017 at 08:30

£1.00 GBP = 1.1753 EURO

£1.00 GBP = 1.2689 USD

£1.00 GBP = 1.6556 AUD

£1.00 GBP = 1.7384 NZD

£1.00 GBP = 1.6487 CAD

£1.00 GBP = 16.9398 ZAR

Just imagine if YOU could forecast the exchange rate?

No one can do that of course but being well informed is a good start and knowing the events coming up that may influence the exchange rate may help you with your planning.

The latest quarterly currency market forecasts from the international money transfer experts, FC Exchange, are now available. The reports are essential reading for anyone buying or selling a property, in fact anyone making international money transfers.

The currency markets will always fluctuate, but last year saw unprecedented levels of volatility. The currency forecasts review the factors that have contributed to the uncertainty we have seen and look ahead to the issues that could affect currency markets in the next quarter and throughout 2017.

Grab your Free Report here...

Do you want more information ?

So if you need to buy or sell sterling and would like to be kept up to date with all the latest data releases and exchange rate movements then feel free to contact myself Ben Amrany. If you are buying or selling a house in France we will make sure your monies are in the right place at the right time, we work hand in hand with you and Cle France.

For more information on the currency service I can provide please feel free to contact myself...

Ben Amrany from FC Exchange follow this link or phone and ask for myself and quote "Cle France" on 020 7989 0000.

You may contact me directly using this form (click here) with your requirement and I will explain the options that are available to you in getting the best exchange rate.