Today the pound has had a disappointing day against all of the major currencies with GBPEUR falling 0.5% and GBPUSD falling 0.85%. The consensus was for inflation to slightly rise however inflation remained at 2.6%, removing any chance of an interest rate hike this year.
Tomorrow the UK release their latest average earning numbers coupled with unemployment rate. Inflation has been outpacing average earnings which is a worry for the UK economy. If the figure is released at 2% or below I expect the pound to fall further. The only saving grace is that the unemployment rate numbers have been steadily declining over the last 3 years which is a positive for the UK economy as more people are in work. The unemployment numbers are suggesting a further fall which I expect will counteract poor average earning numbers.
Looking further ahead retails sales numbers are set to be released Thursday morning. As I have outlined above inflation has been outpacing average earnings therefore I expect retail sales numbers to be down and therefore the pound to lose further value later in the week.
When buying or selling the Pound its important to analyse both currencies that you will be trading (GBPUSD, GBPEUR, GBPAUD). If you would like to save as much money as possible feel free to email me with the currency pair you are looking to trade and the time-scales you are working too and I will email you with my forecast and the process of using our company firstname.lastname@example.org.
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** If you are purchasing the pound with a foreign currency, rates are fantastic at present however could get better. Outline your requirements to me and I will keep you up to date with market movement and potential opportunities. **