The Pound has risen this week against most major currency pairs, making the converting of Pounds into other major currencies a more attractive proposition.
The headlines within the financial news mostly consist of how the Pound has hit a 6-week high against the Euro, and also a 1-year high against the US Dollar.
Interestingly these gains have come at a time when the Brexit negotiations have been postponed for a short while in order to give the UK and EU’s negotiators some time to contemplate, so it will be interesting to see how the markets react once negotiations resume which was supposed to be on the 18th of this month.
Tomorrow is likely to be a busy day for the Pound as there is a raft a data due out of the UK tomorrow lunchtime, as the interest rate decision will be announced and although I’m not expecting to see a rate change, I think that any allusions to the Bank of England amending their plans to hike rates in 2019 could see the Pounds value change quite dramatically.
The inflation data out this week has boosted hopes of this happening after the figure came out higher than expected, so I also think that Sterling bulls hopes could be dampened by the BoE tomorrow which could result in a drop for the Pound especially against the Euro.
The data comes out tomorrow at lunchtime, which give our clients and also potential clients the chance to discuss their currency requirements with me beforehand. You can call me on 01494 787 478 and ask reception to speak with Joe if I don’t answer.
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.