The International Monetary Fund has raised the UK’s growth forecast for the UK from 0.7% to 0.9%. Britain has not had its forecast lifted since April 2012 so it gives hope that the British economy is moving in the right direction. However, the problem is that Britain’s recovery does depend on growth across the world which has been marginally downgraded by the World Economic Outlook. This saw Sterling fight back and recover some of its morning losses particularly against the Euro.
The IMF projected a rise for the US economy from 1.7% in 2013 to 2.7% in 2014 which has seen close to a 3 year low for GBPUSD exchange rates. There is a risk that the Dollar will continue to strengthen so if you’re considering buying Dollars in the short it may be worth moving quickly.
GBPEUR exchange rates are currently trading on mid market at 1.16. If you’re thinking about making a currency transfer feel free to contact me directly Tom Holian [email protected]