Following a reasonably flat February we enter a new month tomorrow and with that we will have a flurry of economic data along with a speech by Theresa May which will round off the week.
Today those looking to buy foreign currency with Sterling or to bring foreign currency back into the Pound may wish to be wary of month end flows today, the final trading day of the month can lead to fairly large movements as traders, funds and financial institutions look to balance their portfolios as the month enters a close.
Tomorrow we see the start of economic data to show how the U.K performed throughout February as we have the release of Manufacturing data at 09:30am along with mortgage approvals figures at the same time. Analysts are expecting a slight drop off in manufacturing and a slight rise in mortgage approvals, so as long as these expectations are correct the two may cancel each other out.
Friday has the possibility of being a really volatile day, with U.K Construction figures starting the ball rolling at 09:30am, followed by 10:00am by a speech by the Governor of the Bank of England Mark Carney. Carney’s current stance still appears to be heading towards another interest rate hike for the U.K, possibly in May so should he hint at any change to this stance then Sterling may move quite rapidly off the back of this, I would expect investors and speculators to be hanging off of his every word.
Finally, to round off the week we have Prime Minister Theresa May due to deliver a speech to the U.K regarding Brexit. Markets will once again be looking for hints on any progress and the delivery of the speech will be key for Sterling’s performance as the week nears an end.
We have seen a minor lift recently for the Pound due to a heightened chance of a rate hike and the fact that Brexit talks both here and with the EU are seeming to go well, any confirmation of this by May would more than likely give the Pound a boost but any hint of negativity could lead to the Pound dropping off as the week nears a close.
If you are in the position that you need to exchange Sterling in the coming days or weeks then it is imperative that you make us aware of it, so that we can make you aware of any buying or selling opportunities that arise.
You can contact me (Daniel Wright) the creator of this site almost ten years ago by emailing me on [email protected] and I will be more than happy to speak with you personally to explain how I can help you achieve the best rates of exchange which could potentially save you thousands of pounds.
