The pound suffered across the board today as reports showed the UK economy is suffering from the slowdown in the Eurozone. Despite a market holiday in the U.S due to Columbus Day, GBP/USD fell from $1.6111 to $1.6052 as UK manufacturers start to feel the impact from a strong pound and worsening conditions with their largest trade partner.
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With the pound and UK economy out performing many of its major counterparts over the past twelve months or so, Sterling has been on the march. This has been great for anyone looking to sell pounds and convert into another currency but for UK exporters the strain on their business is now starting to show.
A trend report from BDO, an accountancy and services group indicated that growth expectations among UK manufacturers had fallen at its fasted rate since May last year. The worry will be if UK exports continue to suffer then we could see a knock on effect for the rest of the economy. We have already seen the pound lose over 7% against the dollar in the last three months and with the U.S. economy picking up, Sterling could be set for further loses.
Can I protect myself from a falling pound?
Yes, as a specialist currency broker I have a range of contracts at my disposal to help protect you from adverse market movements. I can help secure a rate for up to two years into the future using a Forward Contract or use a Stop Loss order to act as a safety net, which will allow you to hold out for a better exchange rate and protect yourself from a sudden fall in the market.
If you have a requirement to buy or sell dollars in the coming weeks or months and would like to make the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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