Why has the Pound gone up today?
We have seen Pound/Euro rise from 1.1040 to 1.1150, and Pound/Dollar from 1.2790 to 1.2930 this afternoon. This is a huge spike in such a short amount of time.
We are hearing that the reason for the rise in the value of the Pound, was that the UK and Germany have both reportedly dropped some of their key Brexit demands, potentially making a deal much easier to strike. This renewed optimism that a deal can be done has helped to push the Pound higher against other currencies.
You can view live graphs for all our currency pairs that we can trade here. If you need to make a currency transfer and want to take advantage of this spike, or just get a quote, click here.
What goes up, Must come down
*** Update *** A German Government spokesman has just said that their position on Brexit is unchanged. The Pound has relinquished it’s gains and is back to where it was first thing this morning. The graph above shows how short lived the spike for the Pound was.
This shows how quickly rumours and comments can affect the market. Spikes can be very short lived, as has proved to be the case this afternoon. In order to take advantage of temporary moves in the market, you can register a trading account with us for free. With an account open, you can see our trading rates online, and fix a rate to make a currency transfer instantly, and take advantage of moves like we have seen today.
To discuss how to open an account, contact us today.