UK Post Office notes large cash demand for USD and EUR ahead of Brexit vote

22 June 2016, 15:55
Sherif Hasan

The UK Post Office is reporting a surge to sell the pound 22 June

  • post office branch and online currency sales up 49% yy on Tuesday and up 381% online
  • +74% yy since last week-end

It's cash and therefore not so significant volume-wise but it's also a sentiment indicator toward Leave, or at least expressing concerns in that direction. Of course it's also holiday season which naturally lends itself to GBP selling as Brits travel abroad but the significant increase suggests other factors at work.

I also run a physical currency FX business and have been alerting my clients for many months as to the risks they face on GBP exposures.The complacency coming back from many of them on hopes of a Remain outcome are notable and somewhat disturbing. Having said that many are on standby to trade tomorrow and through the night if possible.

The core of my business is wire-transfer/larger amounts but for my cash services I use the highly reliable and ultra-competitive City Forex run by a former interbank trader who is also a very good friend of mine. They have now launched a brilliant new improved online service too. Contact me mike at mspfx dot co dot uk for further details and to discuss preferential rates.

Update: Just hearing from my sources that the Post Office were running special offers for online business at bargain rates ( not the usual rip-off by them and many like them) and that might help explain the 381% surge.

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