The Pound has been trading in a relatively tight range during the course of the week against the Euro moving between 1.12-1.13s levels.
Even though there was a huge fall on the global stock markets earlier this week the Pound briefly fell against the US Dollar and is now back up to prior to the crash and the Pound is currently at 1.13 against the Euro at the time of writing.
The Bank of England are due to meet tomorrow to announce their latest monetary policy decision and although there is little to no chance of an interest rate change anytime in the near future any mention of this could see a lot of movement for Sterling exchange rates during tomorrow afternoon.
UK inflation is still much higher than the central bank wants it to be and the typical remedy used is to look at raising interest rates which is what happened towards the end of last year when the Bank of England raised rates to pre-referendum levels. If inflation continues to remain high I think the Bank of England will be left with little choice but to raise interest rates and this would typically boost the value of Sterling against all major currencies.
We end the week on Friday with UK Trade Balance figures as well as Industrial and Manufacturing data so if we see some positive news surrounding a future rate hike combined with some strong figures from the UK economy then we could see Sterling end the week higher against the Euro providing some good short term opportunities to buy Euros with Pounds.
We also have the release of the latest NIESR GDP estimate for the last three months on Friday afternoon and although this is not official it is usually very accurate so make sure you keep a close eye out on the data towards the end of this week.
If you have a need to make a currency transfer in the near future then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds.
Having worked for one of the UK’s leading currency brokers since 2003 you can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.