Good afternoon,
After losing over one per cent against the dollar last week the pound received a boost during todays trading session after UK construction PMI figures beat expectations. The positive construction figures (which showed the sector had grown at its fastest pace in four months) helped push GBP/USD exchange rates back towards $1.54 after falling from $1.5553 last Thursday.
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Over the past month the pound has been one of the strongest performing currencies, with expectations of an interest rate rise in the next year helping to boost sterling's value. However, with the UK election just around the corner, the political uncertainty could cause sterling crosses to fluctuate over the next couple of months......just look at impact the Scottish referendum had on the currency markets.
Since the turn of the year we have seen a 4% swing for GBP/USD exchange rates which highlights just how unpredictable the currency markets can be, 4% might not sound like much but when converting large amounts it can make a huge difference. Put into monetary terms a £200,000 transfer would have seen a difference of nearly $12,000 between the highs and lows of the last few months and shows just how important timing can be when moving money overseas.
To find out more about how I can help with the timing of your transfer or for a live rate of exchange, use the link below to complete the contact form for a free, no-obligation consultation. Alternatively call me directly on 0044 (0) 1442 892 065.
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