Sterling has seen a fairly good day on the markets today following slightly better than expected Retail Sales figures for the U.K earlier on this morning and a potential carry on from slighlty positive news from the Bank of England minutes released yesterday morning.
The Bank of England minutes essentially said that no discussion was made about a potential rate cut for the U.K at present (a rate cut generally weakens a currency as it makes it less attractive to investors) and on top of this the minutes also mentioned that further Quantitative Easing was voted against by 9-0 by the members of the monetary policy commitee as well. Even the mere mention of QE over the past few years has tended to weaken the Pound so the fact that both this may be off the cards for a while now and that an interest rate cut also appears to be quite a way away has been seen as very positive for Sterling.
I feel now after reading through the data released yesterday and indeed this morning that there is a good chance that the Pound may have a good period. A few data releases have been fairly positive and we are due to enter the month of September which will bring us all of the economic data releases from August (where the majority of the Olympics took place) and personally I feel figures should have picked up over that time frame.
Unfortunately neither I or anyone else can guarantee their economic predictions. What we can do is make clear to anyone who needs to make a trade what their options are and what they should be aware of that can move their rate. We are able to offer rates that can beat banks by as much as 4% and I for one have never been beaten on a price by a bank or a currency broker so it is well worth you getting in touch if you find this site of use.
For a free analysis of your position and what may move your rate of exchange please feel free to speak with me Daniel Wright directly on 01494 787 478 or email [email protected] I welcome private and corporate clients of any size so do feel free to contact me today.