Yesterday was another day of one way traffic for Sterling! We are now trading at multi decade lows against the Dollar, levels not seen since 1985. A flight to the dollar looks set to continue in the next few trading sessions at least. Next week? In these markets your guess is as good as mine.
Below are some thoughts from one of our Senior Dealers, Ben Davies -
"With all the hysteria surrounding COVID- 19, there are at least a few reasons to be optimistic:
GBP has depreciated by over 10% against all major currencies in the past month.
You can view the recent trend on GBP/USD in the graph below - evidently it fell further still to below 1.15 the figure yesterday.
As everyone starts to batten down the hatches and acclimatise to our new found reality, the markets have tried to do the same – To the Pound’s detriment. Within the last 6 weeks the Pound has dropped from a high of 1.3187 against the USD to below 1.16 and a high of 1.2044 on the EUR down to below 1.07 – And for our AED sellers, from 4.8229 down below 4.25.
These are unprecedented times and the Pound always ends up being the whipping boy at times of global uncertainty. These current levels are past the post Brexit lows for GBP, therefore now is the perfect time to repatriate funds, cash in on overseas property sales and realise profits in GBP for our corporate clients. If you need to bring money home, don’t miss this opportunity.
Aston Currency Management will remain open for trade throughout this period, so please reach out to your designated dealer to discuss how we can help.
We wish everyone and their families well. Ben"
To echo Ben's sentiments do please get in touch if we can assist by chatting through your specific requirements