It was a busy week for sterling exchange rates, as the Bank of England released their latest interest rate decision which as I predicted in my post last Sunday caused the pound to devalue against all of the major currencies.
The monetary policy committee made up of 8 voting members decided to keep interest rates on hold at 0.25%. The vote was split 6-2, where as last month the vote was split 5.3, which has relieved pressure from the Bank of England to raise interest rates anytime soon.
After the interest rate decision Governor of the Bank of England gave his insight into the market and confirmed that the uncertainty of Brexit is now starting to have a negative impact on the UK economy and consequently sterling exchange rates.
It’s a quiet upcoming week for economic data. The important data releases to look out for are industrial and manufacturing numbers Thursday morning at 9.30pm. Industrial figures are set to remain in negative territory of -0.2% and manufacturing figures are set to show a slight rise to 0.7% from 0.4%. Therefore I expect the pound to gain a small amount of momentum Thursday.
As economic data releases are thin and the manufacturing and industrial numbers are a mixed bag, it is important to analyse the other currency that you will buying or selling. I would recommend emailing me with the currency pair (GBPEUR – GBPUSD – GBPAUD) and the reason for your currency transfer (company invoice – property purchase) and I will respond with my forecast and the process of using our company. My direct email address is email@example.com and I look forward to receiving your email.
The currency company I work for can achieve clients better rates of exchange than the client can with their own bank. Quite simply if a client approaches there bank wanting to convert £250,000 into a foreign currency, they will not achieve the rates we can, as we convert millions of units of currency on a daily basis, and the more currency you convert the better price you receive. If you would like to save money feel free to email me with your requirements or call the trading floor Monday morning on 0044 1494 787478 and ask for Dayle Littlejohn.