Covid-19: Business Continuity
Over the last week or so, the team at SATFX along with the rest of the country have been listening to and following Government advice on Covid-19. We are undoubtedly entering a strange and unfamiliar period for the country and the rest of the world, but we wanted to reassure you that service will in no way be affected throughout the situation.
Last Wednesday we implemented our Business Continuity Plan and began two days of working from home across the team to ensure that all systems and processes could be fully operational despite the disruption being caused by the virus. Our tests were a total success, testament to the infrastructure we have built over the last 13 years. All systems are working reliably.
This week, we are all continuing to work from home to ensure the team are fit and healthy to deliver the customer service all our customers deserve and expect. Of course, we will continue to review and update our plans regularly as the situation evolves in line with Government advice.
I would like to remind all our customers that the currency markets continue to operate and are increasingly volatile. Central Banks are now working together and have taken steps to calm nerves and settle the markets down through interest rate adjustments and additional financial stimulus (Quantitative Easing). However, at this unprecedented time, the markets are understandably extremely volatile which creates opportunity and risk for both buyers and sellers of currency.
In the last two weeks:
• It has been the best time since February 2017 to sell US Dollars and buy Sterling
• Sterling has fallen to its lowest level against the Euro since August 2019
• Sterling went through 2 to 1 against the Aussie Dollar for the first time since May 2016
• Sterling spiked at 2.14 against the Kiwi Dollar which is pre EU Referendum levels
These are just a few of the highlights and in the coming weeks you are likely to see more extreme market movements with swings caused by ongoing fiscal adjustment as well as politically induced movement. We encourage you to get in touch if you are considering a transaction so we can discuss the possible impact that these moves could have on you and your wealth/business. In periods of such global unrest, these wild swings can be your friend or your foe, so our team are on hand to provide insight throughout. Call or drop us an email if you would like to discuss further! Both myself and email@example.com will be happy to hear from you.
As things are moving at quite a pace, expect more updates in the coming weeks so we look forward to speaking with you moving forward.