John from Moneycorp

Pound rises on UK election news

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Posted (edited)

Pound rises on UK election news

Comment by John Kinghorn from moneycorp

Well, here we are again. Once more, a political event has had a big impact on the exchange rates, particularly the pound.

Why?

This week, UK Prime Minister Theresa May unexpectedly called for a general election in June which she says is necessary to strengthen the upcoming Brexit negotiations.

Since taking over as Prime Minster, Theresa May had consistently ruled out an early election. Therefore the announcement on Tuesday was unexpected and strengthened the pound against all major currencies including the Australian dollar. The general feeling is that an election could provide Theresa May with a much bigger mandate and also importantly a bigger majority in the House of Commons. This potentially could help the Prime Minister and Government during the Brexit negotiations - that's how the news has been interpreted by the currency markets.

Despite the recent strength of the pound, it is worth noting there is still the potential for a lot of volatility in a time of political and economic uncertainty

With that in mind, if you need to transfer money to or from Australia this year then feel free to contact the team at currency specialists Moneycorp. Along with offering great exchange rates, the expert team at moneycorp can provide tailored information and guidance on how you can maximise any money transfer; ultimately getting you more for your money.

For more information visit – www.moneycorp.com/pio

Email – john.kinghorn@moneycorp.com

Edited by John from Moneycorp
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