Pound Makes Gains Following Brexit Speech

January 17, 2017 4:38 pm Published by

Following UK Prime Minister Theresa May’s speech this morning on her plans for the UK to leave the EU; the Pound rose over 2.5% against the US Dollar.

If you are looking to make a money transfer of GBP to USD, the interbank has currently climbed to just under 1.24. If you need to transfer GBP to EUR the interbank climbed to 1.1575 at 4pm.

The Pound increased more against the Dollar than the Euro due to recent comments made by President-elect Donald Trump. He remarked that US firms could not compete with China because “our currency is too strong. And it’s killing us”. ┬áThe US Dollar subsequently fell 0.8% against the Euro.

With Britain set to leave the EU by April 2017, Mrs May used her speech to clarify the UK’s plans for Brexit negotiations, which included:

  • New trade agreements with countries outside of the EU.
  • Tariff-free trade with the EU
  • Control of immigration rights for EU citizens in the UK – as well as UK citizens in the EU.

If you need to transfer money overseas, doing so in a volatile market may leave you wondering if and when you should make your international payment. FTT’s expert advisors are on hand to explain what options are available to you and assist you in planning ahead for your future currency needs.

To get in touch, you can contact us on +44(0) 203 603 8940 or email [email protected]

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This post was written by Kayleigh Driscoll

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