What will happen with Bank of England Minutes? (Tom Holian)

Pound to Dollar Rate Drops to One-month Low

With the Bank of England Minutes due out in less than half an hour we could see some volatility in the lead up to the announcement. Last month’s vote showed a 9-0 vote against both a movement in interest rates and also a change to Quantitative Easing. I would be surprised if there’s any difference to last month so I expect to see a small bout of confidence for Sterling shortly after the announcement.

At 10am this morning the Eurozone publishes Quarter 2 GDP for both month on month and year on year. I expect this to take a slight fall so expect to see Sterling gain towards the higher end of 1.16 through late morning trade.

The UK has published a large amount of positive data as of late so I am surprised to see Sterling remain relatively low against the Euro and feel like it is only a matter of time before we see Sterling strengthen across the board particularly against the Euro.

If you’re thinking about making a currency transfer and want to save money compared to using your bank feel free to contact me directly Tom Holian [email protected]