UK manufacturing, industrial and trade balance data was released this morning and it did not make good viewing for pound sellers with contraction across the board. I fear worse data is still to come as these figures are for June, the EU referendum took place on 23rd June so July data could show a further slide. The Bank of England (BOE) took action earlier in the month dropping the interest rate from the already record low of 0.5% to 0.25% and introducing further Quantitative Easing (QE) to 60bn. If figures continue to slide we could see further monetary policy change. Simply put if you have to sell the pound short to medium term it would be wise to move sooner rather than later.
If you have a currency requirement it is vital to be in touch with an experienced broker. The timing of your trade is a key during such unpredictable times, If you have an seasoned broker on side he or she can keep eyes and ears on the market to help you make an informed decision on your trade. If you would like me assist on your trade I will be happy to help. If you could inform me of the currency pair you are trading, volume and time scale, I will provide a free individual trading strategy. I work for one of the top brokerages in the country and as such I am in a position to beat nearly every competitors rate of exchange. You would be looking at around a 4% saving in comparison to high street banks. Please do not hesitate to get in touch by contacting me at [email protected]. Thank you for reading my blog and I look forward to being of assistance.
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