The pound was the top performing currency today due to an increase in UK inflation. Consumer Price index numbers exceeded expectation and was released at 2.9%. The office for National statistics stated that the fall in the value of sterling since the UK public voted out of the EU is a the main contributor and the rise in the price of oil also played its part.
Across the board the pound has risen 0.8% against the euro, 0.85% against the US dollar and 1.17% against the Swiss Franc. For clients purchasing a foreign currency this week I believe this is a spike in the market and should be taken advantage of as the Bank of England’s interest decision Thursday afternoon could cause rates to fall.
Governor of the Bank of England Mark Carney will address the public after the interest rate decision and I expect he will keep his cards close to his chest but confirm Brexit talks will dictate how monetary policy is decided in the months to come. I’m convinced he will give no indication to a future interest rate hike as I don’t believe interest rates will improve anytime soon in the UK.
Sunday morning I wrote a post and predicted sterling would be at it’s strongest sometime Tuesday or Wednesday for clients buying a foreign currency I still believe this will be the case and therefore a trade tomorrow may be wise.
Here at poundsterlingforecast it is my job to provide clients regular market information, which will help the client make decisions when purchasing currency. As we have been buying and selling currency for 18 years, we have the ability to undercut high street banks which saves the client money also.
Property purchases and sales are my area of expertise, therefore if you need to purchase a foreign currency or you are about to complete on a sale abroad, today is the day to get in touch to discuss your options and to get an understanding of how we can save you as much money as possible.
As I have mentioned above, it’s crucial when buying or selling the pound to analyse both the currencies you will be trading, as your 2nd currency will also have an impact on your decision.
Feel free to email me the currency pair you are converting (GBPUSD, GBPAUD, GBPCHF, GBPEUR etc) the reason for your conversion (company invoice, buying a property), timescales and I will email you with my forecast for the currency pair and the process of using our company email@example.com. Dayle Littlejohn
** If you are already using a brokerage, especially online platforms, but would like a comparison and my help with timings (this is where you can make further savings), I am more than happy to do this for you. Feel free to email me the currency pair you are trading and the volume and I will respond with the live price **