The pound has found some support against many currencies owing to improved news regarding the final arrangements on the customs plans for the UK and the EU. Embodied by the uncertainty over the Irish border, problems on the customs arrangements for the passage of goods across borders have been a sticking point in the negotiations.
If you have a transfer to buy or sell the pound then the upcoming data next week will be very important in determining the future outlook for UK interest rates. Data released on Inflation, Retail Sales, GDP (Gross Domestic Product) data will all be important in shaping the future Bank of England interest rate decisions.
Any positive news could see the pound rising although even some good data might be taken with a pinch of salt since the Bank of England appears to have ruled out any hikes for many months. By also focusing on the weather element in Q1, they might be keen to focus on the final results for Q2 which will not be clear until August.
Other news to move the pound may include further news on Brexit but interest rates and economic data seem to the be the main areas to focus on. If you have a transfer to make in the future then getting everything set up in advance is wise, if you wish to learn more you can speak to one our expert team.
With such a potentially volatile week ahead a Limit order or some rate alerts might be a sensible way to mitigate the volatility and help maximise any currency exchanges that you will need to consider. For more information on the best strategy to maximise any currency exchanges, you will need to consider please contact me Jonathan Watson on email@example.com
Thank you for reading and I look forward to hearing from you.