Tomorrow we have an extremely important day for Sterling exchange rates as we have the release of inflation data for the U.K.
Inflation is one of the key factors that is driving Bank of England Governor Mark Carney to consider an interest rate hike in November. Expectations are for inflation to potentially hit 3% when figures are released tomorrow at 09:30am and in my view if that is the case then we may see a rise in the value of Sterling.
For those with foreign currency to buy in the near future it may pay dividends to remember that there is no guarantee that this release will come out at 3% and if it is lower or indeed has dropped off, then speculation of a rate hike at the next monetary policy meeting may decline along with a drop in the value of the Pound.
My personal opinion is that inflation will remain fairly high and that a rate hike will happen come November, with the markets generally moving on speculation as well as fact I would not be surprised to see the Pound having a fairly good day tomorrow and for sentiment to remain positive for the rest of the week.
We do have unemployment figures on Wednesday and Retail Sales figures on Thursday that will also remain important for Sterling exchange rates as the week progresses.
For those that need to buy or sell a large volume of currency in the coming days, weeks and months you must be cautious that we are dealing with an unknown beast at the moment by the name of brexit… At any time of day or night the market can swing quite rapidly off of the back of a throwaway comment from an MP or a member of the EU which makes it an extremely testing time to try and time a currency exchange.
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Feel free to get in touch, even if it is for a quick quote to make sure you are getting the right price as a small difference can make a large change to the amount of money that your exchange costs you.