Sterling has been on the slide for the last week, but today has picked up a little, thanks to the latest EU referendum polls. Over the last week, polls had shown that it was likely we would leave the EU, and the Pound weekend accordingly, falling from €1.32 to €1.27. Today however, 2 new polls have given the lead back to the ‘Remain’ camp. A YouGov poll published in the Times and an ORB poll in the telegraph both showed a 1 point lead.
You can see how close things are from this Graphic from YouGov:
The effect on the exchange rates?
The Pound has received a boost, as illustrated in today’s GBP/EUR chart below:
The next few weeks will see more polls, and significant volatility in the currency markets. It’s still very close, and the vote could go either way. I’ve said for a while that Sterling exchange rates will be driven by opinion polls, and this is likely to continue for the next few weeks. Y
If the polls are anything to go by, then it’s looking like it will a very close run thing. As differing polls are released, there will be opportunities for both those that need to convert Pounds to other currencies, and also those that need to convert foreign currencies back into Sterling.
We can help with nearly any foreign exchange requirement, whether you’re buying or selling property abroad, or a business that pays for goods in Euros or US Dollars. If you have an impending currency transaction and would like to see if we can get you a better rate of exchange, send us a free enquiry today by following the link below. It’s free to get a quote, and we usually have no problem at all providing the best exchange rates.