The pound has been range bound against many of the majors so far this week with rates hovering around 1.2050 against the Euro, 1.6650 against the USD & 1.80 against the AUD. With very little data out during the early part pf the week for the UK eyes have been firmly set on data from Europe and the US to drive global markets. Having said this the UK did post some fairly poor manufacturing data yesterday and if we see the same trend for the construction sector today the pound could be in for another day of losses.
We are also expecting the GDP figures for the Euro zone out at 10.00 am this morning. We are not expecting any significant change in the number so GBP/EUR may be flat on the day. Tomorrow though the ECB will announce their latest interest rate decision for April. With the rate of inflation still falling within the single currency many analysts are calling for the central bank to cut interest rates to combat the fall in inflation. It has been a similar theme over the last 2-3 months and the ECB have stated in the past that they are not overly worried about the inflation rate and that things will settle down on its own accord over time. These comments in the past have gone to strengthen the Euro and if the same happens tomorrow we could see further EURO strength. Also keep an eye out for the retail figures which will be released before the interest rate decision tomorrow morning. This could bring a window of opportunity between the two releases.
I hope you enjoy our informative posts to help you judge when you should be looking at converting your funds. There is no set rule as to when is the best time but if you do have a requirement to buy or sell the pound then I will be delighted to help you try and judge when to look at your conversion. If you are reading the info here and were planning on using your bank why not let us give you a quote to show you what the savings can be over the high street banks. The savings can be significant as this is a volume driven business and due to the volumes we exchange we can normally beat the banks time and time again.
If you are in the situation needing to move money internationally and looking for the best price – please feel free to contact the author – Ben Amrany – via the telephone number at the top of the page or via email at [email protected]