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Upcoming UK Referendum on continued EU Membership and important information regarding your Currency Matters Account.

Important information regarding your Currency Matters Account. Please read this information carefully.

 

If you have any upcoming currency requirement, particularly for settlement in June or July, please read the information below and contact the Currency Matters dealing team by telephone +44 (0) 1695 581 669 or email info@currencymatters.co.uk .
The UK Government is holding a Referendum on Thursday 23rd June asking: “Should the United Kingdom remain a member of the European Union or leave the European Union?”
The result of the Referendum is due on Friday 24th June. The outcome of this Referendum is difficult to predict and it is anticipated that there will be a significant market reaction to the outcome of this Referendum. In the currency markets, it is predicted that if the UK vote to remain in the EU then the Pound could appreciate, whilst in the event of a leave vote, the Pound could depreciate in value, perhaps sharply. The period of increased volatility could last for some days depending on the outcome.

 

As a result, Currency Matters need to make you aware that there will be changes to our standard client dealing procedures.  These changes have been detailed to you in an email sent 16/06/16. If you have not received the email or if you have any questions please contact ypur account manager or the dealing team on telephone +44 (0) 1695 581 669.

 

Therefore, if you have any currency requirements which need to be paid during this period it is advisable that you arrange the transaction ASAP and make payment to Currency Matters so that we receive funds in advance of Tuesday 21st June.
Currency Matters Limited

Sterling Strength

The Pound (GBP) has appreciated to its strongest level against the US Dollar (USD) since May 2011 and to its strongest level against the Euro (EUR) since January 2013.

GBPUSD High: 1.6656
GBPEUR High: 1.2222

Currency Matters can offer a number of products which can help you plan your future currency requirements. By using a Forward Contract it is possible to purchase currency today at a guaranteed exchange rate for settlement at a later date. A small deposit is required to secure a Forward Contract with the balance due by the agreed future value date.

Please do not hesitate to contact the dealing team on +44 (0) 1695 581 669 for further information or for a live quote.

EURO

The Euro has continued to come under strong selling pressure as the European Central Bank has indicated that it will not accept Greek government bonds as collateral. EURUSD has fallen from the morning high of 1.2282 to a low of 1.2144. 1.2144 representing the lowest EURUSD exchange rate since June 2010 when the rate hit a low of 1.1876.

The Pound has made strong gains against the weakening Euro hitting a high earlier of 1.2866, the highest level since October 2008. Against the US Dollar the Pound tracked the sharp falls in EURUSD with GBP falling from 1.5724 to a low of 1.5626.

20/07/12 15:20

US Dollar

The US Dollar has fallen sharply late this afternoon (14/09/10) following a report from Goldman Sachs suggesting that the Federal Reserve could announce a new program of asset purchases (quantitative easing) in order to support the weak economy and to try and avoid a double dip recession.

The Euro has made strong gains against the US Dollar, forcing EURUSD nearly two cents higher to a high so far of 1.3021. This has caused some volatility in EURGBP which currently trades at 0.8360 (1.1962) on the interbank market.

The Pound has also made gains against the USD pushing the interbank rate through 1.55.

Given current market volatility, please do not hesitate to contact Currency Matters to discuss any foreign currency exchange requirement.