Following this mornings poor UK retail sales data sterling has taken a slight tumble against most of its major counterparts. In particular the loss has been felt the hardest against the US dollar with the pound falling from a high of 1.3943 back into the 1.38s and bringing a halt to a near 8 day rally for the pound.
However should you need to buy US dollars don’t be too disheartened as we are still trading at comfortably the highest level against the greenback post Brexit. In fact the move over the last week has been significant with sterling posting gains in excess of 3.3% since the 11th January – on a transfer of £200k into USD this is a difference of over $9k between the high and low during this time.
With market volatility like this it is important to make sure you are getting as much information relating to the currency markets. By working with a broker you will have access to key market information and market knowledge. As one of the UK’s largest foreign exchange brokers we have access to commercial banking levels and through years of market trading we can pass on our knowledge and expertise to our clients to help them make an informed decision when exchanging significant sums of money.