GBP/EUR rates have remained very flat during Wednesday morning trading and with little data of note out until tomorrow, I anticipate this to remain the case for the rest of today’s trading. Sterling’s recent run may well have run its course, with the single currency moving away from the fresh 2 year lows witnessed last week. GBP has moved back under 1.27 at today’s low and all eyes will now switch to tomorrow’s Bank of England (BoE) interest rate decision and monetary policy statement.
Both of these are considered key economic data releases and if we get any indication that the BoE may raise rates sooner than expected we may find Sterling momentum increases again. However, I personally feel the BoE will be keen to see Sterling’s value soften so we may find rates go the other way if BoE governor Mark Carney decides to talk down the UK recovery and chance of a rise in our base rate before summer 2015.
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