Will Theresa May’s Brexit related speech offer the Pound direction, and what else could impact GBP exchange rates? (Joseph Wright)

Sterling Forecast: Pound rises as Theresa May enters her possible breakthrough day

March begins with a busy schedule for UK data which could see the Sterling exchange rates see volatility.

Tomorrow’s speech is expected to be Brexit related and as we’ve seen recently Brexit related commentary is by far the biggest mover of GBP exchange rates at the moment, as Brexit negotiations and transitional arrangements are beginning to dominate headlines on a daily basis.

In the meantime we will get an idea of the UK housing market later this morning as Mortgage Approvals for January and Markit Manufacturing PMI will be released this morning at 9.30am, and then Markit Construction PMI will be released tomorrow at the same time.

PMI stands for Purchasing Managers Index and the data provides us with an outlook of sentiment within the sector. I think PMI readings are worth following for those planning on making a currency exchange as they offer us a more forward looking economic indicator.

Due to the barrage of economic data set for release along with May’s Brexit related speech tomorrow there is the potential for price movement involving Sterling exchange rates.

If you would like to be notified in the event of a major price move for the Pound do feel free to register your interest with me, as not only are we able to update clients in the event of a price spike but there are options available you may not be aware of.

Sterling lost value yesterday after some strong words from the EU’s chief negotiator. Michel Barnier stated that the UK needs to be clearer regarding its position on the Irish border so expect to see updates on this subject to move the markets.

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.