With less than one week to go until the UK General Election, polls have gone from a convincing win for the Conservatives to there could be a hung parliament. I have even read an article that discusses what will happen to the British Pound if the Conservatives lose; it will not be a surprise that it said if the Conservatives lose the Pound could drop 10% – 15%. Even if the Conservative win the election, we still don’t know what the Brexit deal will be, and it would seem to me that the downside risk for the Pound is greater than the upside reward.
Further afield, after some recent average data from the US, it seems that the US economy is back on track with good employment data expected. If data remains strong, a US interest rate rise is widely expected in June. The next big question, is how many more rate rises will the US make this year. At least one more is expected.
With all the uncertainty surrounding the UK and the value of the Pound, ex-pats should use a foreign exchange specialist like Infinity International to exchange your currencies, as it means you have access to expert guidance on the markets and when to make a money transfer. The cost saving can be up to 5% compared to your bank when using a local currency specialist, because the exchange rate will give you more currency, and the currency company will organise cheaper banking fees than is normal.
For free advice in Spain please call Glenn or Adam at Infinity International on +34 966 260 777, or email us on spain@iifx.nl
“Opinions expressed are solely my own and do not express the views or opinions of my employer.”
