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

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.

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.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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