What does the latest surprise Brexit update mean for your finances?
Take control of your financesAs the pound responds in turn with recent developments on the Brexit front, it’s likely that volatility will ensue into the foreseeable future.
In OFX’s recent Currency Corner video, currency expert Hamish Muress explains that if a long extension is granted from the EU (which is one of the alternative options to May's deal), investors and businesses are given two years to plan and prepare. A long extension could also see the GBP rise to 1.35 against USD, which has many taking advantage of OFX’s Limit Order option.
If you’re not sure of what rate you want exactly, you can also take advantage of favourable movements using a Forward Exchange Contract. This means you can lock in a rate and transfer at any point up to 12 months.
OFX also offers tools in understanding market movements through Daily and Weekly Commentary, and rate monitoring tools like Rate Alerts, so you’ll be notified of favourable movements without committing to a transfer right away.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.