After briefly falling to 1.28 against the US dollar yesterday and 1.1550 against the Euro we have seen some minor support for the pound today.
The strengthening of the pound at the moment relies heavily on investor sentiment but as new data emerges month by month and the uncertainly in all political, economic and financial sectors remain we are going to continuously see a highly volatile currency market until things settle down and the future of our exit from the EU becomes more apparent.
However, it is not all one way traffic for the pound, the Euro came under continued pressure yesterday after economic data led to increased concerns over the stability of the EU economy.
Generally, there are continuing worries following the UK decision to leave the EU which has many wondering what the wider effect the decision could have in Europe and could result is a rough ride for the EU currency over the coming months.
That said, protecting yourself from further potential losses which the pound might incur over the coming months is an important thing to consider.
Whether you hedged your currency positions before the referendum or are still taking a view on the market then any further potential loss would be best to negate or take advantage of small benefits when they become available.
With such pressure on the pound for importers buying any foreign currency, we can make a difference in a difficult market place.
For more details or if you have any questions please contact Tim Sheehan