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Over the last few weeks the pounds value has been battered as investors focus on the impact a "hard" Brexit could have on the UK economy. With the political issues outweighing the positive economic numbers the UK has been producing, any gains the pound has made have been severely hampered.
Since the referendum result the GBP/USD cross has shed nearly twenty per cent of its value, with exchange rates falling from $1.50 to around $1.20 a couple of weeks ago.
GBP/USD three month graph
Obviously this does not make very pleasant reading for anyone looking to convert sterling into U.S. dollars. However, with every negative there is a positive and the decline since the 23rd June is excellent news for anyone looking at buying pounds.
If we look at the move in monetary terms, converting $300,000 back into sterling will now see you receive nearly £46,000 more compared to the same trade before the referendum result.
With a lack of eco-stats coming from the UK this week, it is likely any major moves for the GBP/USD cross will result from events in the U.S. or on the back of further Brexit talk.
If investors are looking for signs about how the UK economy is performing, then I imagine they will be focusing on Thursday's preliminary third quarter Gross Domestic Product (GDP) reading.
After a positive second quarter, Thursday's report will give us the first reading of how Britain's economy has performed in the immediate aftermath of the June's exit vote.
Although the UK economy is expected to slow, the figures released over the last three months have suggested the economy has been holding up reasonably well. Economists are predicting the GDP reading will come in at 0.3%, but if the figure comes in higher then it could give the pound a much needed boost.
Do you need to buy or sell dollars?
If you are looking to buy or sell dollars in the coming weeks and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer, click here or call me directly on 0044 (0) 1442 892 065.
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