Tomorrow (Thursday) is a key day for anyone with a currency transfer to complete. We have a busy day both for the pound and the euro which could potentially change rates globally. Firstly we have GDP figures for the single currency which is expected to improve slightly, following that we have the interest rate decision for the UK and then for Europe.
The key data will be the European interest rate decision as the market expects two key events to be announced. Firstly a drop in interest rates across Europe, this is expected to fall from 0.75% to 0.5% which should help support the struggling states with focus on debts in Spain, Italy and Greece. The second is news expected to be announced in the following press conference which will confirm the approval of the bond buying program that has been designed to significantly reduce the strain and concern that the Euro will fall apart.
Today we have bond auctions for a majority of the troubled countries and this should give us a clearer indication as to whether or not the market has “bought in” to their strategy.
This could easily move markets and I would expect no less than a cent movement in either way, probably in the favour of euro sellers. This would make a difference of £850 for every £100,000 exchanged, within 6 hours of trading.
If you are in a position needing to complete a trade, I am sure we can help. We provide a pro-active service helping people try and maximise their trade plus with the benefit of linking smaller transfers with larger trades you can be sure we can achieve the best exchange rates. Simply put if this was not the case we would not be in business, if you are interested in our help or want to test us against your current provider contact me today via email at [email protected]
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