close x

We will now guide you through our setup process. You will be forwarded to our portal to continue the signup process. If you are applying for a business account, please enter the business name. If applying for a personal account, please enter your full name.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

ACM Update - Thursday 19th March 2020

Yesterday was another day of one way traffic for Sterling! We are now trading at multi decade lows against the Dollar, levels not seen since 1985. A flight to the dollar looks set to continue in the next few trading sessions at least. Next week? In these markets your guess is as good as mine.

Below are some thoughts from one of our Senior Dealers, Ben Davies -

"With all the hysteria surrounding COVID- 19, there are at least a few reasons to be optimistic:

  1. China has closed down its last corona virus hospital as there are not enough new cases to support it
  2. Doctors in India have been successful in treating coronavirus and are to suggest their medicines globally
  3. Scientists in Israel are close to announcing a vaccine

GBP has depreciated by over 10% against all major currencies in the past month.

You can view the recent trend on GBP/USD in the graph below - evidently it fell further still to below 1.15 the figure yesterday.

As everyone starts to batten down the hatches and acclimatise to our new found reality, the markets have tried to do the same – To the Pound’s detriment. Within the last 6 weeks the Pound has dropped from a high of 1.3187 against the USD to below 1.16 and a high of 1.2044 on the EUR down to below 1.07 – And for our AED sellers, from 4.8229 down below 4.25.

These are unprecedented times and the Pound always ends up being the whipping boy at times of global uncertainty. These current levels are past the post Brexit lows for GBP, therefore now is the perfect time to repatriate funds, cash in on overseas property sales and realise profits in GBP for our corporate clients. If you need to bring money home, don’t miss this opportunity.

Aston Currency Management will remain open for trade throughout this period, so please reach out to your designated dealer to discuss how we can help.

We wish everyone and their families well. Ben"

To echo Ben's sentiments do please get in touch if we can assist by chatting through your specific requirements

written by

Liam Alexander

Liam Alexander is the CCO at Aston Currency Management.

Subscribe to stay informed

Subscribe

* indicates required

Aston Currency Management will use the information you provide on this form to be in touch with you and to provide updates and marketing. Please let us know all the ways you would like to hear from us:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at contact@astoncm.com. We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.