Once again we have had a fairly flat day for the Pound as investors and speculators brace themselves for ‘Super Thursday’ tomorrow, where we will have the release of various data from the U.K.
At 09:30am we have the first release of the day which will be the release of services data for July. With the services sector making up a large portion of U.K growth figures this data release is important.
As the morning progresses we will then have the most important period of the day for anyone looking to carry out an exchange in the coming days, weeks or indeed months. We have a flurry of data out at 12:00pm as we will see the release of the Bank of England interest rate decision, meeting minutes and quarterly inflation report.
Key importance will be how the members of the MPC (Monetary Policy Committee) voted regarding interest rate movements. Last time around we had 5 votes to 3 in favour of no interest rate movement and many think this may have now changed to 6-2, due to inflation levels dropping off a little.
Should the vote remain at 5-3 then we may see a slight rise in the value of the Pound, a 6-2 result may lead to Sterling dropping off. What will also be key is any comments from Mark Carney, Governor of the Bank of England. Should he hint that we may see an interest rate rise before the end of the year then we could see an instant boost in the value of the Pound and an opportunity may arise for anyone looking to buy foreign currency.
Whatever happens this can be a particularly volatile day so it is key that you either keep a really close eye on the rate if you are able to, or that you have a proactive and efficient currency broker keep a close eye on things for you, acting as your eyes and ears on the market. We offer that service here, along with bank beating and market leading exchange rates too. If you feel that I could be of use to you either now or for an exchange that you are expecting to carry out in the future then you are welcome to call me (Daniel Wright) personally on 01494 787 478 or by emailing me on [email protected] and I will be more than happy to get in touch personally.