Good afternoon,
Sterling continued is recent demise against the U.S. dollar today as the Scottish referendum continued to play havoc for the pound. GBP/USD exchange rates plummeted to $1.6118 this morning, the lowest we have seen the currency pair since November 2013.
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The latest poll, released yesterday (Sunday) showed the Scottish National Party (SNP) now have a 1% lead in the vote for independence which is due to take place on the 18th September. The SNP have managed to claw back a deficit of around 22% in the last couple of weeks and the latest numbers are rocking investor confidence.
This recent move has meant to the pound losing over ten cents against the dollar since the start of July and if Scotland vote "Yes" on the 18th the pound could be set for even bigger losses. Some reports are suggesting that if Scotland decide to breakaway the knock on effect for the UK economy could be catastrophic which would lead to the pound potentially losing a further 5% against other major currencies.
If that were to happen it would leave GBP/USD exchange rates hovering around $1.53 and would pretty much wipe out all the gains Sterling has made over the past twelve months.
What do I do if I need to sell Sterling?
As a specialist currency broker I have a range of currency contracts at my disposal to reduce your exposure to the ever changing currency markets. Forward Contracts, Stop and Limits orders are all designed to give you piece of mind and remove the risk element to your transfer, while at the same time maximising your return.
If you have a requirement to buy or sell dollars in the coming weeks and would like to know more about the different options that are available, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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