This morning at 9.30am there could be further movement for the GBP/EUR exchange rate, as there will be a key data release from within the UK.
The rate of inflation is being watched closely within the UK as the current rate is almost 1% above the Bank of England’s target of 2%, and many have been wondering whether the Bank of England will choose to raise interest rates in order to counter the negative affects of the higher inflation on the UK economy.
We’ve received mixed messages so far from the Bank of England and their voting patterns are also now not far from a 50:50 split.
Due to the plans for the BoE as a whole being unclear it;s difficult to tell which way the markets will react if this mornings reading comes out either higher or lower than the expected 2.9%.
The markets can react off the back of news releases such as this mornings, so if you are planning a currency exchange involving the Pound, do feel free to get in touch and make us aware of your plans so we can keep you updated if there is a big move for that currency.
Another factor that could impact the GBP to EUR exchange rate is the Brexit negotiations that are now underway. David Davis arrived yesterday looking unprepared compared with with his counterparts from the EU, and I think any announcements suggesting the talks are going badly could result in a sell-off of the Pound.
If you have a 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.