Despite a relatively bullish day for the Pound, particularly by its own recent standards, the currency is on track for it’s weakest month since the month of the Brexit vote back in June.
The reason behind today’s bullish Pound is a meeting between the Governor of the Bank of England, Mark Carney has had a meeting with Theresa May (UK Prime Minister) regarding his future, and the general feel around it so far is positive as just prior to their meetup, May announced that the Governor has her full support.
There were rumours in the city last week that Carney would shortly be announcing his planned departure in 2018 but as it stands that doesn’t seem to be the case. I think that if he decides to extend his stay until 2021 and complete a full 8-year term we could see the Pound spike upward once again but certainly not back up to the levels we saw at the beginning of October.
This uncertainty surrounding the key figure of the Bank of England has not come at a good time for the Pound’s value, after we’ve already seen the currency lose almost another 5% through October after Theresa May outlined the end of March as the time to invoke Article 50.
This week is set to be a busy one in terms of economic news releases, with Thursday expected to be the busiest day for Sterling exchange rates as it’s the day of the BoE’s next Interest Rate Decision. Mark Carney will also be speaking that day so feel free to get in touch to discuss any planned currency exchanges in more detail as planning around these events could be key.
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