It seems that markets who get to work a few hours ahead of the UK are already trading in a flurry before the numerous data releases this morning concerning Britain’s economy.
As the post below details, the GDP estimates for the first quarter of 2015 are more likely to come in lower than expected for the first quarter of 2015. The UK general election, record low inflation and trade deficits, are just some of the reasons why the figures released at 2pm GMT today could come in lower than expected. Should they surprise investors, then many will look to purchase CAD while rates are still close to the 6 year highs enjoyed over the past few months. This will drive the rates down and make the CAD more costly for anyone attempting a transfer later.
Those with a CAD requirement to purchase, I would suggest purchasing ahead of the event. There is little evidence to suggest greater than expected GDP growth, but as demonstrated above, the opposite is expected. Rates are currently historic, as such there is much more room for them to move against your favour rather than further in your favour. Rates can be pegged for up to 12 months, and doing so could save you thousands on the exchange rates you could achieve.Call into the trading floor today on 01494 787 478 for a free quote on your transfer. [email protected]