This afternoon at 12.00 BST a key member of the Bank of England will be speaking in Aberdeen, and this event will have the potential to move the stagnant Pound to Euro rate.
Those converting Pounds into Euros and vice versa have been left with a very flat market in recent weeks, with the pair moving no more than a couple of cents over the past month or so.
The biggest moves during this period of flatness have come in the wake of hints at future monetary policy by key policy makers in the UK. The reason today’s speech is being talked up within the financial media is because Ben Broadbent has kept his cards close regarding his outlook, whereas many others have already made their thoughts clear.
After a close vote last time around, where the voting members of the Monetary Policy Committee voted in favour of keeping rates the same by 5-3, some economists time think there could be a vote in favour of raising rates at the next opportunity on the 3rd of August.
The Pound is likely to climb should Broadbent join the hawks and talk in terms of a rate hike being good for the UK economy.
Tomorrows unemployment data at 9.30 could also result in market movement, so feel free to get in touch if you wish to be kept updated regarding this data release and what the expectations are.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.