If you’re planning on making a currency exchange involving the Pound this week, it’s worth being aware of what data is due for release and how sensitive the markets may be towards it for a number of reasons.
Firstly, during sensitive news releases the markets can swing quite suddenly making a make difference the amounts involved in your transaction. The movement generally depends on whether the data released is in line with the expectations.
Secondly, when the markets are volatile around these times the exchange rates can widen making them less competitive, which is why we generally look to help our clients trade during quiet times within the week in order to not be negatively impacted by this.
The most important day involving the Pound this week will be Thursday, due to the volume of data scheduled for release.
On Thursday at 12pm we will find out the Bank of England’s Interest Rate Decision as well as get an update on the Bank of England’s current asset purchasing facility. There will also be a discussion afterwards and the Governor of the BoE Mark Carney will also be speaking from 12.30pm onwards so lunchtime on Thursday is likely to be a time to avoid if you wish to trade during quieter times this week.
There could be a negative move for the Pound if the BoE are dovish in their comments on Thursday so if you are risk adverse it may also be an idea to consider making this transfer prior to ‘Super Thursday’.
At 9.30am on Tuesday, Wednesday and Thursday there will be data releases covering business sentiment within different sectors from within the UK, so keep an eye on the markets around this time also and feel free to get in touch if you wish to discuss these news releases.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.