The UK votes Brexit, David Cameron resigns, the pound hits lows not seen for 30 years - and that was all before breakfast! Fear, uncertainty and doubt have struck virtually every corner of the market and as a result the market will continue to be volatile at best.
The UK went to the polls yesterday, and in a shock to markets, the country voted to Leave. A huge turnout saw the Leave campaign victorious with 51.9% of the vote. The immediate reaction saw sterling plummet to 31 year lows against the USD (1.3226), as well as dropping 7% against the Euro (1.2018). Governor of the Bank of England, Mark Carney, was quick to come forward and reassure international markets of the Bank's ability to provide additional funds (up to £250bn) to support the UK market and ensure as smooth a transition as possible for both domestic and international markets.
Foreign exchange services firm, UKForex, have given their insights on the impact of Brexit, and they believe that there is a silver lining to every cloud. For some, the Brexit vote provides a good time to take advantage of favourable exchange rate movements not seen in decades. And for others, we provide the tools to mitigate the risk of currency markets falling even further.
How You Can Take Advantage of The Current Volatility
Almost every major currency has strengthened against the British Pound, and this presents several opportunities that you can take advantage of - below we list just a few of these examples and explain how you stand to benefit from them:
Purchasing UK Property
It may be time to dream big. The GBP is currently at levels not seen since for over two decades (since 1985 to be precise), which will dramatically increase your purchasing power. You may be able to afford more than you previously thought.
Selling on International Marketplaces
Bringing back revenue from your overseas sales is now more advantageous than ever. Plus, UKForex's new Online Sellers Platform makes it easier than ever before. Find out more about the UKForex Online Sellers Platform here.
If you have accumulated foreign assets, a foreign pension account, or an investment portfolio, it may be time to consider bringing your capital back into the UK. Movements of this magnitude are rarely seen so you would be well advised to pay attention and take advantage of the unique situation created by the Brexit vote.
Avoiding Future Falls Against The British Pound
If you're fearful that the British Pound may continue to fall, our Forward Exchange Contract tool may be exactly what you need!
The Forward Exchange Contract tool allows you to lock in a rate today for a transfer need in the future, essentially mitigating the risk to you of the Pound falling even further. It's easy to set up and will allow you to lock in a rate up to 12 months in advance. UKForex are experts in this field and are on hand 24 hours a day, 7 days a week, to discuss your options and help guide you through any resulting actions.
With so much uncertainty in the market, there is one thing you can count on - UK Forex will continue to support your transfers through these turbulent times 24/7, every hour, every day.