The Pound soars to six-month high after Theresa May calls snap general election!

The Pound soars to six-month high after Theresa May calls snap general election!

In just over six weeks the UK will hold a general election. This follows Tuesday morning’s surprise statement at 10 Downing Street by Prime Minister Theresa May. For her plan to become a reality, May needed to secure a two-thirds majority of MP’s votes. Late last night MP’s voted in favor of the election and this will take place on June 8th.

Sterling has rallied in the wake of this announcement trading at a six month high, with today’s markets opening above 1.2800 against the Dollar and above 1.1900 against the Euro.

Tory MP, John Redwood told the BBC, that the election has the backing of the public, “the polling taken today on Theresa May’s decision, backed by Parliament… gets pretty strong endorsement by the public,” stated Redwood.

By accomplishing a strong mandate in the election, the Conservative Party could add to the stability and strengthening of May’s position during Brexit negotiations and in turn, further strengthen the Pound. However concern surrounds the likelihood of little being achieved in the Brexit negotiations during the first half of 2017 and the news of an election only serves to compound these fears.

With the election taking place in the coming weeks, it is critical to be aware of market movements when trading internationally. To secure today’s rates on future payments, TransferMate offer Flexible Spot Contracts enabling businesses to forecast and control their cash flows for the coming weeks.

Commenting on this, TransferMate’s Head of Global Sales Margaret Clancy said:

Our clients look to us when faced with this sudden market shocks. My team and I have developed a range of FX solutions to enable businesses dealing in Sterling payments to successfully navigate the market’s reactions and to ultimately continue driving their own activities forward.

The Deadline

To register to vote – Monday May 22.

To apply for a postal vote – 5pm on Tuesday May 23.

To apply for a proxy vote – 5pm on Wednesday May 31.

About TransferMate

TransferMate Global Payments offer the smartest solution for businesses worldwide to both send and receive international payments. Using our online platform and global banking infrastructure, we virtually eliminate the cost of making international payments by collecting and sending payments using our own banking network. Our client’s benefit from better exchange rates, lower bank transfer fees and direct integration into their back end accounting systems. TransferMate is becoming the provider of choice due to its ongoing investment and focus in products and regulation. TransferMate’s mission is to connect businesses across the world when sending and receiving international payments and disconnect the slow and fee levying banks in the middle.

For more information or if you have concerns surrounding sterling volatility, please don’t hesitate to contact our team.

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Darragh Muldoon
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