Weekly round up
It was a good end to the week for sterling exchange rates. Presently global stock markets are having a major impact on the currency markets and due to the FTSE100 closing 2% up on Friday this has strengthened the pound. Further to this Public Sector net borrowing (the amount of new debt held by the UK) surprised the markets due to a £3.5bn drop from the consensus.
However the main talking point for sterling exchange rates this week was Governor of the Bank of England Mark Carney comments in regards to interest rates. Once again he confirmed the UK will not be raising interest rates until 2017 which has dented the purchasing power of the pound.
As for the rest of the week it was a mixed bag for economic data. Consumer Price Index numbers impressed (Tuesday) where as average earnings (Thursday) and Retail sales (Friday) dropped, a disappointment for clients holding onto sterling.
Its a fairly quiet week for economic data releases. Key announcements to look out for are:
- Mark Carney speech 10:45 Tuesday
- GDP numbers 9:00 Thursday
- GPK Consumer Confidence early hours Friday morning.
Its important to note if Carney continues to take a dovish tone Tuesday morning I expect it will be another tricky week for sterling exchange rates.
Its important when trading currency you analyse both of the currencies in question. If you have an upcoming currency transfer to make this week, month or year I would recommend emailing me with the currency pair (GBP/USD, GBP/EUR, GBP/AUD etc) and your individual requirement (buying a property abroad, paying a company invoice) and I will personally respond to you with my forecast and the process of using our company.
Quite simply we can give you economic information to help you time your transfer and can also offer you a better exchange rate than what you would receive with your bank. This can be anywhere between 1-5%. My direct email is [email protected] Dayle Littlejohn. Alternatively call me Monday morning on 0044 1494 787 478 and ask the reception team to be put through to Dayle Littlejohn.
If you would simply like a comparison against your provider email me with the exact figures, time scales and the best number to contact you on and I will call you Monday morning with our live buying price. This will take 2 minutes and could save you thousands!