It is tough to predict and anticipate currency fluctuations at the best of times, but the events of 2017 so far have arguably rendered attempts even more difficult. Indeed, at the start of the year, Donald Trump was inaugurated as the 45th President of the United States of America, Marine Le Pen got to the second round of the French presidential elections, and Theresa May has only recently called a UK general election.
And then, of course, there is the UK’s decision to withdraw from the European Union. The wheels were officially put in motion when Article 50 was triggered towards the end of March and, while negotiations have temporarily been put on hold until after the election, UK businesses will certainly be keeping a close eye on developments, if only so they are best placed to respond to things such as new tariffs and regulations – especially if negotiations end in a ‘hard Brexit’.
Solutions to navigate through uncertainty
To help companies determine how best to respond accordingly, we have worked with one of our key partners, Smart Currency Business, to describe the conundrum surrounding currencies, and how best to manage the currency climate as it shifts.
Ultimately, our research and findings have culminated in a guide that will help you and your business navigate through the uncertainty.
‘The Currency Conundrum’ is part of our series of Entrepreneur Guides. It tells you why you should be worried, explains what to do to protect your business and the solutions that are available to you, and suggests what you might do now.
An interactive tool is available, which shows you how much you could have lost had you not protected yourself against the fall in sterling after the UK voted to leave the EU, and we also give you a few Tectona tips.
You can also book a free Currency Health Check with one of the Smart Currency Business’ risk management specialists.
So click to download the guide, have a read through it, and see how best to protect your margins in these uncertain times.