Sterling finishing the week strongly

This week has left analysts scratching their heads, as no-one seems to know the reasons behind the Pounds out-performance. £-€ rates have gained over 1% and £-$ a huge 3%. For us, we have had a very busy week with both our corporate and personal customers jumping onto the Pounds surprise charge and it may not be over yet.

Even though the stock market has depreciated somewhat this week and with a lack of Brexit news, the Pound is ending the week as the best performer. Sterling's move is making traders apprehensive and some are expecting a sharp fall come Monday, once month-end flows are out of the way.

However, it is has been a poor week for both the Euro-Zone and US economies and so it was right that the Pound capitalized. The engine room of the EU, Germany, showed a larger contraction in GDP than forecast and inflation surprisingly fell too. The US looks in serious trouble with nothing currently in place for those out of work come August. The current $2.4 trillion package runs out today and if not replaced, the US economy could be in a dire state. 

Yes the Pounds performance this week could be a 'short-term phenomenon', but with the economy bouncing back better than forecast and some real momentum with Sterling just now, we could see some more improvements next week and beyond. 

Image Image
Governing Bodies and Registrations

Excel Currencies are a fully Authorised Payment Institution with the UK Financial Conduct Authority. ( Ref: 911228) and HM Revenue & Customs (MSB No: 12190705) as a Money Services Business. Excel Currencies ltd are also members of the UK Money Transfers Association (MTA) and the Association of International Property Professionals (AIPP).

Security of Funds

Excel Currencies ltd operate a Safeguarding Client Account System which protects all funds in these accounts against any liabilities that Excel Currencies ltd may have.

Excel Currencies Ltd, Enterprise House, 8 Essex Road, Dartford, Kent DA1 2AU

Registered in England and Wales, No. 05171054

Copyright © Excel Currencies Ltd 2020. All Rights Reserved.

Help Options Available

Contact Us

Live Chat OFF Live Chat ON