Yesterday afternoon two members of the Bank of England’s Monetary Policy Committee revealed their latest thoughts on the UK’s current position. In the last few weeks there has been optimism of a interest rate hike however neither Andy Haldane or Ben Broadbent made reference to interest rates in their speeches. A slight uptick before they started speaking saw the GBP/EUR move back towards 1.135 before the rate dropped all the way to 1.122, this morning the rate has fallen into the 1.11’s.
One of the only positives for Sterling at the moment was the potential for a interest rate decision and until there is further clarity on the position of the Bank of England the short term future for Sterling is not great. However the recent fall for Sterling does present a great window of opportunity for anybody looking to purchase the currency. The market is now moving towards post referendum levels and is currently at a 8 month low for buying Sterling.
Average Earnings and Unemployment Rate
This morning will be the latest average earnings data and unemployment rate. Neither release is expected to show any demise, with wage growth set to improve slightly. However with the latest UK data on Friday came in substantially worse than expected it seems plausible to me that the same could happen again.
When the markets are this volatile there will always be spikes and drops, making timing a transfer vital to maximise your funds. If you have any questions with my forecast above or would like to simply discuss an upcoming requirement you have please send me an email to firstname.lastname@example.org. I would be happy to share my thoughts with you and I may be able to offer a viable solution to help you complete a trade, as I have several years experience working for a brokerage