Today sees the release of the Bank Of England Interest rate decision, no change in rates is expected and to be honest I feel it will probably be a bit of a non event, however be aware that the BOE do like to throw a spanner into the works whenever the Pound does start to perform well so anyhting could happen.
The key data for people to be aware of is U.S Non Farm Payroll data – Regular readers will be aware this can effect all major currencies and can lead to just as much market volatility as an interest rate decision. Now, the big problem is that we have a bank holiday in the U.K this means that you will find it hard to call your bank or broker to book out an exchange rate should rates either move drastically against you or indeed in your favour. There are options available to youand I can help you should your bank not offer these options. You can place a limit order and a stop loss order, this means you set yourself an ideal trading level, or a worst case scenario and should either get hit then your currency is bought out or sold automatically for you, I would then merely get in touch after the Easter break to inform you and you would be required to settle the contract with us as per normal.
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