The pound has grown stronger against both the US dollar and the euro, due to a weaker US dollar following a drop in US consumer sentiment in November and sliding US Treasury bond yields. The positive sentiment in the financial markets helped boost the pound and weaken the safe-haven US dollar, but hawkish Fed expectations will likely limit the greenback’s losses.

Apart from this, the possibility of Britain triggering Article 16 and suspending parts of the Northern Ireland Protocol could push the British pound lower. However, foreign exchange analysts at Barclays have said that Brexit tensions relating to the Northern Ireland protocol have not impacted on the UK currency yet, as the two sides seem to be closing in on an agreement and any major confrontation will be avoided. The EU’s lead negotiator, Maroš Šefčovič, said on Friday that a deal could be agreed this week.

Pound strength

The pound’s strength demonstrates, as analysts have suggested, that concerns about a trade war between the EU and the UK if the UK triggers Article 16 have not affected the currency market. Although some analysts believe that the pound will suffer in the event of Article 16 being triggered, others have said that the market is not so much influenced by Brexit tensions as risks of a no-deal are exaggerated. Barclays, for example, expects that a possible scenario would be a trade war or a no-deal Brexit, but both would take time to happen due to legal challenges and notice periods.

While a trade war between the UK and EU would affect the economy, this will not stop the Bank of England from raising interest rates at its December Monetary Policy Committee meeting. The Bank has lowered interest rates or kept the lower for longer in the past when sentiment regarding Brexit deteriorated. In general, if the Bank is more subdued in regards to Brexit, then the impact on Sterling will be limited.

Barclays expect a moderate escalation towards a "trade war" with economic costs to be more complex in the long term. Brexit will impact on GDP, with increased tensions and shortages, as well as decreased trade and productivity.

Triggering Article 16: An all-out trade war?

The UK has threatened to trigger Article 16, which provides a safety net in the Brexit arrangements and ensures that trade between Great Britain and Northern Ireland will be smooth while avoiding a hard border with the Republic of Ireland. Prime Minister Boris Johnson has rejected the European Union’s proposals as he wants to rewrite arrangements agreed to in years of negotiations. If the government does trigger Article 16, the worst-case outcome could be an all-out trade war.

Article 16 which is a clause in the Northern Ireland Protocol, agreed in October 2019, sets out the process for taking unilateral safeguard measures if either the EU or UK decides that the deal is leading to serious issues or a “diversion of trade.” Such safeguards will mean suspending parts of the deal. A trade war, industry leaders have pointed out, could have devastating effects on the economy, hitting British exports and disrupting supply chains. How much this will affect the currency market remains to be seen, but markets are more optimistic for the time being.

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The pound fell early on Friday before strengthening, while the US dollar grew stronger. The British currency’s performance will depend on Brexit developments, but the dollar is expected to remain strong on expectations of a Federal Reserve rate hike by June 2022.

In regard to Brexit, Ireland’s Foreign Minister Simon Coveney said on Thursday that there is still time for a solution to Brexit's Northern Ireland protocol. The European Union is also planning to improve its offer to reduce customs checks at the Northern Ireland border.

In the coming weeks, Brexit minister David Frost will engage in intensive talks with the EU to reach an agreement. These positive developments have not yet impacted on the pound, but it will depend on investors’ focus as they turn away from Central Banks’ policies towards Brexit.

Brexit impact could be limited

Brexit anxieties have an immediate effect on the value of the UK currency and the possibility of the UK triggering Article 16 or any deterioration of the EU-UK relations could have a considerable impact.

Sterling may suffer if the European Union retaliates after a possible triggering of Article 16. However, economists believe that the negative impact of Brexit has been mostly price in the pound, so the effect of Brexit might not be as damaging to the currency as some analysts have suggested.

Also, as some other analysts have noted, any deterioration of the relationships or a suspension of the trade deal might not have significant economic effect. As ING’s James Smith and Chris Turner noted, “none of this necessary spells disaster for the pound.” They clarified that “much of the cost burden associated with Brexit comes from form-filling and customs processes, which are already in place. To qualify for zero tariffs under the current deal, companies need to prove that their products have sufficient EU or UK content to qualify, which can be very expensive in itself. In some instances where tariffs are low, it may already simply be easier to pay a tariff than document a supply chain.” They believe that any “additional economic effect of reverting to ‘no deal’ on top of that may not be as considerable as perhaps supposed.” For them, Brexit tensions will not change the Bank’s intension to hike rates, perhaps more gradually than markets initially expected. ING analysts highlighted that more crucial factors for the Bank remain the labour market and labour shortages.

How will the pound fare?

There is a possibility that the trade agreement could be suspended, but this will require further negotiations. The effect of leaving the single market and customs union last year was the major event, and economists argue that anything else happening now might not be as damaging for Sterling.

Obviously, increased uncertainty will hurt markets, but for some analysts this is not going to be as bad for Sterling as some have stated.

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The pound fell on Thursday to its lowest levels in 2021 against the US dollar, after the release of the GDP report which showed the UK economy grew slower than expected in the last quarter.

The pound had already fallen last week when the Bank of England didn’t raise interest rates, and fell again on Wednesday when higher US inflation pushed the dollar higher.

The longer-term UK economic outlook is creating concerns, after the NIESR thinktank warned earlier this week that Britain’s economy could potentially experience a long period of stagnation that will hurt household incomes and plans to level up the regions.

Chancellor of the Exchequer, Rishi Sunak, has warned about the challenges ahead as the economic recovery from the pandemic continues: “As the world reopens we know that there are still challenges to overcome. That’s why at the Budget last month I set out our plan to build a stronger economy for the British people. We’re continuing to support businesses, jobs and people so that we can achieve our vision of a high-skill, high-productivity economy where work is rewarded.”

Economic growth slowed to 1.3% in Q3

The UK economic recovery slowed in the third quarter of 2021. UK GDP rose by 1.3% between July and September, according to the Office for National Statistics. This is below the 1.5% expected by economists. Following the third lockdown, Britain’s recovery slowed due to the rising number of infection cases, the pingdemic and global supply issues.

In the third-quarter, as restrictions were being lifted, the economy expanded 5.5% in the three months to June.

Services recorded the fastest growth, with a 30% jump in business for hotels and restaurants which helped the GDP to rise by 1.6% over the quarter. On the other hand, manufacturing and construction weakened.

UK economy grew 0.6% in September

The UK economy did grow in September, which was better than expected. July GDP growth was revised to 0.2% , while August’s estimated growth went from 0.4% to 0.2%. This means the UK economy is 0.6% smaller than in February 2020.

Paul Dales of Capital Economics said that the rise in GDP in September shows that the UK economy gained some, but this will “fizzle out over the coming months.” He clarified that progress will slow the next 6-9 months as shortages persist and businesses and households’ spending power wanes due to higher taxes and increased utility prices. He added that if the Bank of England decides to raise interest rates, this won’t be above 0.5% during 2022.

The slowdown in third quarter growth follows the disappointing news from that Bank of England that interest rates won’t be raised any time soon, despite rising inflation. The Bank wants to wait and see how the economy will respond following the end of the furlough scheme in September, as well as other persistent issues such as the supply chain crisis.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

Tensions between the EU and Britain over the Protocol on Ireland/Northern Ireland could create potential headwinds to the British currency. The pound fell last week following the Bank of England's decision to keep interest rates unchanged, and markets are now putting their hopes on a February hike. However, any upside potential will be hindered if the EU and the UK do not resolve their disagreement. Already, the EU has issued warnings if the UK triggers Article 16 of the Irish Protocol, while fears of a trade war between the two are growing stronger.

On Wednesday morning, Tánaiste Leo Varadkar warned British prime minister Boris Johnson that triggering Article 16 would be a “very aggressive and bombastic move” and noted that the UK will not end up with a better deal by doing so. Varadkar said: “The message I’d send to Boris Johnson is that we have an agreement in relation to Northern Ireland, we have an agreement in relation to trade with the European Union - don’t jeopardise it.” He added: “You were part of negotiating it, you own it, it was hard won, it’s a mistake to think that by escalating tensions or by trying to withdraw from any part of it, that you’ll end up with a better deal: you won’t.” Triggering Article 16 would allow the UK to suspend all, or part, of the treaty and will undo the Brexit deal resulting in the collapse of relationships.

Foreign exchange markets could build a premium into Sterling exchange rates as uncertainties over the future trading relationship between the UK and EU continue, posing considerable risks to the currency.

What is Article 16?

Article 16 is a clause in the Protocol on Ireland/Northern Ireland, which is an important part of the Withdrawal Agreement. The Protocol was created in order to avoid a hard border between British-ruled Northern Ireland and EU member Ireland by introducing some checks on the movement of goods to Northern Ireland from mainland Britain. Article 16 allows the UK or the EU to take action if they believe the Protocol will lead to "serious economic, societal or environmental difficulties."

The EU has cautioned Britain that triggering Article 16 would hurt relationships with the EU and destabilise Northern Ireland. By reopening the Protocol will create further complications regarding peace in Northern Ireland and protecting the EU's single market.

Brexit troubles will hurt the pound

The tensions between the EU and the UK and the prospect of a trade war over Northern Ireland will create potential risks to the pound. Financial analysts and strategists are cautious and believe the pound will trade with a more defensive tone as markets expect the UK government to trigger Article 16 of the Northern Ireland Protocol during the second half of November.

Markets will also be watching Friday’s meeting between the chief negotiators David Frost and Maroš Šefčovič.

Brussels Correspondent for BBC News, Jessica Parker, has reported that according to an EU diplomat the talks are rumoured to have been "extremely bad".

A worst-case scenario for the Pound would be the complete termination of the post-Brexit trade agreement, but this will be unexpected and a very extreme scenario. More likely, the EU could trigger legal proceedings and potentially impose tariffs on certain goods.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound has been lifted from its lows after the Bank of England disappointed markets by keeping interest rates unchanged. On Tuesday, the pound was higher as investors are now focusing on a February rate rise.

While speaking at a virtual event organised by the Bank of England (BoE), Governor Andrew Bailey stressed that they will have to act and raise rates if they see a clear indication that higher inflation is feeding into wages. His comments did not impact on the market pricing of a rate hike in December. The CME Group's BoE Watch Tool shows a 67.5% chance of a 20-basis points rate hike before the end of the year.

In terms of Brexit, the ball is now in the UK’s court. After the EU clarified that they will act accordingly if Britain were to trigger Article 16, they are now waiting for the UK to make the next move.

Economic growth and Bank of England

The Bank of England’s dovish turn and less aggressive policy is in line with market data and suggests that their interest rate decision was made based on a more restrained and conservative economic growth outlook. The Bank lowered its 2021 growth forecast to 6.7% from August’s 8.5% forecast but raised the 2022 GDP forecast from 2.3% to 2.9%. 2023's forecast has been lowered to 1.1% from 1.3% that it was previously.

Inflation

Inflation is expected to go over the 2.0% target in the coming months and the Bank could act by raising interest rates if it deems appropriate. Bank of England Chief Economist Huw Pill said on Friday Nov. 05 that he believes the pace of wage inflation will surpass both those of the Eurozone and the US.

A more measured Bank means that there are less risks for early tightening, especially if inflation proves to be transitory. This will also support economic growth and households which are already struggling with higher costs.

Economists do believe that the Bank of England will still raise interest rates to fight inflation in the near future, as they expect hikes in December and February.

Other possible factors to consider for pound volatility

• As a procyclical currency, the pound goes up when global stock markets are strong and falls when they fall. If the pound weakens it is usually against stronger safe havens such as the US dollar, the yen and the franc. For now, market sentiment is positive, and this has given fresh impetus to the pound.
• Brexit tensions are growing, and this could potentially impact the pound. Ireland’s foreign minister Simon Coveney warned that the EU-UK Trade and Cooperation Agreement could be dismissed if the UK triggers Article 16 and rewrite the protocol on Northern Ireland. The protocol, which is part of the EU-UK withdrawal agreement, was agreed in order to avoid a north-south trade border on the island of Ireland. Protestant Unionist parties have rejected the agreement, and two buses were set on fire in the past week. If the UK fails to maintain a border in the Irish Sea, then this will threaten Ireland’s economic rights as an EU member and it will be unacceptable by the 26 EU member states. Without a border, animal and plant products will enter the EU single market, without full legal controls. Ireland’s goods won’t be trusted, and checks will possibly be required in order to enter the EU. Markets will await any updates on Friday, following the EU and UK's chief negotiators meeting this week.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound has fallen since last week’s Bank of England (BoE) monetary policy decision to leave the Bank rate unchanged at 0.10%. While it is expected to stabilise the following days, analysts do not anticipate considerable gains for the pound in the near term.

The BoE’s decision to keep monetary policy unchanged took markets by surprise but it chimed with members of the Monetary Policy Committee comments that the Bank wanted to wait and see further evidence about the state of the economy and the health of the labour market, especially the impact of the furlough scheme which ended in September. Analysts still expect a February rate increase instead of one in December.

Possible interest rate rise

The BoE wants to wait and analyse the impact that the end of the furlough scheme will have on the economy, and employment in particular, before making any decisions on raising interest rates. Some of the data will become available in December and more later in January and February. This is why the November interest rate rise was too soon, whereas other ones in December, February 2022 or some time later, appear to be more likely possibilities.

Before the next Bank of England meeting on the 16^th of December, analysts and policymakers will have the chance to examine two jobs reports and two inflation reports, which will determine how the Bank will act if there is to be a 15bp December hike. Since markets have not yet priced in a December move, there could be potential for Sterling to rise.

Pound outlook

Analysts believe that there is still potential for the pound as markets digest the news and adjust to a less aggressive policy response in the next meetings.

At the same time, for inflation to return to a target that will be within expectations, the Bank rate will need to rise. The Governor of the Bank of England, Andrew Bailey, said that the BoE would not raise rates to 1 per cent by the end of 2022, because according to the bank’s forecasts inflation would fall below its 2 per cent target in the medium term if they tightened monetary policy too much. Higher inflation is expected to be transitory, leading to an increase in consumer prices, which would have been higher if interest rates rose even a little. The Bank, however, does not expect inflation to fall below 3 per cent until the spring of 2023, which means there will be a period of higher inflation.

Brexit

Brexit is adding some pressure on the pound at the beginning of this week, as reports that the UK is preparing to trigger Article 16 of the Northern Ireland Protocol are growing. Senior Government and EU figures have held discussions to prepare on the possibility of the UK triggering article 16 of the Northern Ireland protocol, a move that both Dublin and Brussels expect in the coming weeks. The move could create a crisis in EU-UK relations. Minister for Foreign Affairs Simon Coveney said that the EU could retaliate by withdrawing the entire free trade and co-operation agreement, reigniting fears of a “no-deal Brexit” and tariffs on trade.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound fell following the Bank of England’s decision on Thursday to keep interest rates unchanged. The decision has taken markets by surprise whose expectations for a November rate hike were very high. Markets are now lowering their expectations for future UK interest rate hikes, as it was also suggested that the December rate hike might also be postponed.

The disappointing news has hurt the pound, which experienced the biggest fall since 28^th of September. With the market expecting more than one hike and the bank rate going as high as 1.10% by June 2022, the news was really unexpected. Economists believe that a December or February hike is still possible, which could offer support to the pound. On Friday, the pound remained lower, but tried to stabilise.

Bank Decision

The Bank explained that they have postponed the rate hike as they wanted to wait and see the impact of the government's job support scheme which ended at the end of September.

Uncertainties such as rising energy costs impacting households, ongoing supply chain disruptions, and Brexit tensions could all affect economic recovery. Inflation is a key concern for policymakers as  is expected to rise to around 4% in October and 5% in April 2022. The MPC stated however that inflationary pressures were “most likely to prove transitory.”

Rates could rise in the coming months

The Bank of England noted that interest rates could rise in the coming months if the economy improves. The key question now is whether the Monetary Policy Committee will announce the next rate in February when it produces its new forecasts. The possibility of a rate hike in December is just below 50%.

If there is a rate hike in December this will depend on November's job report for the October period. The labour market report on 16^th of November is expected to show positive figures that reflect a healthy labour market which could support a small interest rate rise. A positive jobs report could therefore offer support to the pound.

Economists at MUFG Bank expect interest rate hikes and they have warned that the pound could fall further if the Bank fails to curb inflation. They said: “We still believe that the BoE will raise the policy rates closer to 1.00% by the end of next year. We have only pushed back the timing of our forecast for two further 0.25 point hikes in 2022, and now expect those to be delivered in May and August bringing the policy rate to 0.75%. We remain sceptical though that it will rise beyond 1.00% in 2022.”

They added that downside risks for the pound could continue building if markets become more concerned that the BoE will fail to respond to higher inflation.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The Bank of England’s policy decision is due out at 12GMT on Thursday. The question of whether the Bank will raise interest rates today for the first time since the pandemic is on every trader’s and financial analyst’s mind. The Bank is in a difficult position as it has created uncertainty about its intention to raise interest rates and whether now is the appropriate time.

Governor Andrew Bailey’s difficult position

For many analysts, the Governor of the Bank of England, Andrew Bailey, seems to have made a mistake by exaggerating the prospects of an interest rate rise. City traders are now expecting an interest rate rise and the governor will be criticised today whatever happens. If there is an interest rate hike, it will appear that the Governor was forced to deliver it so he wouldn’t disappoint markets. On the other hand, if rates do not rise, he will be blamed for signalling that interest rates were going to rise. If rates remain unchanged, and inflation pressures prove to be temporary, then this will be the least bad alternative.

Previous Monetary Policy Committee meeting

In the last MPC meeting in September, all 9 members voted to keep rates at their current level of 0.1% as heightened global cost pressures were said to be temporary. Although nothing has changed since September, a possible reason to raise rates would be to control inflation. However, economists have pointed out that this is unnecessary as inflation goes up temporarily following events such as the pandemic but eventually things return to normal.

Rate hike could push household costs higher

A rate hike will hurt households which are already struggling with rising energy costs and could push up the cost of borrowing on credit and increase mortgage costs for those who do not have a fixed rate. With supply chain problems also affecting growth, a rate rise could also weaken economic recovery.

Some of the reasons that inflation has been higher, such as rising gas prices and raw material shortages are temporary, so it will be damaging to raise interest rates early, as some economists have argued.

Thomas Pugh, economist for RSM UK, also believes the Bank will wait and not hike today: “But at 63% probability, this is still a close call. We expect the vote to be 5v4 in favour of leaving interest rates at 0.1%. This might imply a glass half-empty/half-full policy of keeping the BoE rate at near-zero for another MPC meeting, or two, with forward guidance preparing the markets for a rate hike in December or early 2022.”

How will the pound react?

A cautious Bank that announces a rate hike in November could push the pound lower, as markets are expecting higher rates over the course of 2022. Other analysts also support the view that the pound might weaken as possibly the Bank will find it difficult to satisfy market expectations.

With the market already expecting rates to rise towards 0.50% by year end, any hawkish surprises from the Bank will be limited so the potential for the pound to rise further will also be limited.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

The pound has dropped against the euro and the US dollar ahead of Thursday's Bank of England policy meeting as investors have begun readjusting their positions.

The Bank of England will deliver its latest policy decision alongside the quarterly Monetary Policy Report and expectations for a rate rise are high.

The pound has appreciated over recent weeks on expectations that the Bank of England will push the bank rate higher by 15 basis points to 0.25%. However, the drop at the beginning of the week suggests that markets are divided about the Bank of England’s interest rate decision, as many are now expecting a delay to the rate hike or a more cautious tone from the bank.

Bank of England interest rate hike

ING economists expect a 15bp rate hike, but they believe the bank will remain cautious, as they may lower their medium-term inflation forecasts and remain divided about a rate hike. Any surprising move by the bank will push the pound lower. While members of the Bank have highlighted the need to act as inflationary pressures rise, the likelihood of a November hike has now fallen while the likelihood of a December rise has risen. This has affected the pound, which has underperformed the last few days.

The Chicago Mercantile Exchange’s measure of interest rate futures, known as BoE Watch, has noted that the possibility of a rate rise in the UK this week is 100%.

Confusion among investors

Contradictory data has confused investors over which direction the central bank will go. Financial markets show that many investors are anticipating a hike, while City economists expect rates to remain at historic lows. The views of economists are in line with MPC members Silvana Tenreyro and Catherine Mann, who have warned that an interest rate rise could threaten economic recovery which is already slowing down.

Governor Andrew Bailey, chief economist at the Bank of England Huw Pill and former Citibank economist Michael Saunders, have all highlighted the importance of acting to control inflation. Bailey has characteristically stated that the bank “will have to act and must do so if we see a risk, particularly to medium-term inflation.” Deputy governor Sir Dave Ramsden is also one of the hawkish members and supports raising rates from their historic lows. If four members of the committee are in favour of higher rates, then one more member is needed to succeed. It will be interesting to see what Deputy governor, Ben Broadbent, will vote as he has never gone against the governor in his seven years on the Monetary Policy Committee.

Deutsche bank economists also believe that the BoE would deliver its first rate hike of 0.15% and that the MPC will end its QE programme a month earlier by cutting £20bn from QE.

Others have noted that Bailey would want to avoid disappointing markets, even though a rate hike was yet not a solid reality.

The confusion about what decision the Bank will make on Thursday’s meeting is largely related to the wide range of contradictory views by various analysts and economists.

Pound reaction

Sterling’s performance will also depend on the inflation forecasts of the Bank's Monetary Policy Report.

If the Bank proceeds to raise rates twice, the Bank Rate will go up to 0.50% over the next 3 months, which will boost the pound.

Markets expect a number of rate hikes in 2022 which would take the Bank Rate to 1.00%, but economists have noted that they will be disappointed.

Whatever the pound’s reaction ahead of Thursday, it will set the tone in the following days, so if it remains under pressure then markets might turn pessimistic.

If you are a business transferring funds overseas, contacting a currency specialist could save you time and money. Get in touch with Universal Partners FX and their dedicated team to discuss the latest market movements ahead of your currency exchange. If you are transferring funds to pay your employees abroad, get in touch with Universal Partners FX to find out how much you can save in your international money transfers. Universal Partners FX can provide invaluable help on efficient risk management and tailored solutions to your business’ transfer needs.

In great news for her personally and for the company one of our senior account managers, Gabriella Banasiewicz, has become a finalist for the Women in Finance award at the upcoming Women's Business Awards for her achievements in Foreign Exchange.

The Women's Business Awards celebrates the best businesswomen across the country and has become one of the most hotly contested and highly desirable awards in the UK. Gabriella is one of 11 finalists that remain in the running in her category, which in itself is a great achievement.

However, we want to push to go one step further and help her win this award as it would be thoroughly deserved. Colleagues, clients and all those that have encountered Gabriella can help her win this award by casting your vote.

Click the link below to vote. Once you have clicked the link, make sure you select Women in FINANCE as the award category.

VOTE FOR GABRIELLA HERE

Below is a statement from Dhaval Patel, co-founder and director of UPFX:

"Coming in at a young age, Gabriella joined our FX training programme, learning everything there is to know about currency markets and how to manage large FX volumes on behalf of businesses. This process usually takes a minimum of 5 years, but Gabriella has completed this process in half of that.

With an effortless ability to attract clients along with the hard work and dedication to retain them, she is a key member of our firm. Gabriella now manages over £100M on behalf of her clients all whilst managing her own team, providing them 8 hours of financial markets training every week.

This amazing performance along with her honesty and transparency means she is on track to become part of the board at Universal Partners FX. We feel very lucky to have her on board, knowing that she promotes what we stand for as a company in each and every client interaction.

This level of success is already hugely impressive, but to do so in an industry which is traditionally male-dominated makes it even more so.

Gabriella is not only a great asset to us, but also a brilliant role model to young, aspiring females."

We wish Gabriella all the best in her quest to win the Women in Finance award, due to be announced on 2nd December 2021 in an online awards ceremony.