Negotiating an English country road can be a nerve-wrecking affair. Plagued by single-track lanes, tight bends, and sudden dips, you can never be certain of what’s in store just around the corner.
Similarly, steering your business through a volatile currency market is a real challenge. The pound’s 25% fall in value against the euro over the last year has had major impact on UK businesses. In fact independent research for Moneycorp revealed the weak pound has had an impact on 92% of businesses trading internationally.
It is a tale of two sides. For importers cost pressures have heightened, but for exporters opportunities to profit have been plentiful. So as a country reliant on imports and exports, managing your exposure is crucial, but challenging. Unexpected rate movements can eliminate all important profits.
Despite the uncertainty now and in the future, there are a number of steps any company can take to manage currency exposure and get back in the driving seat. If your business is importing or exporting, and you need to manage the dips and swerves of an unpredictable pound, there are some simple steps to effectively managing exposure. For more info to help your business click here
Or should you have any questions about the currency market, please do post your question and we will get back to you.
Mark Deans, Corporate Dealing Manager, Moneycorp