Its been a fantastic day for the pound and GBPEUR exchange rates have breached 1.15 and remained above the key threshold that many of my clients have been looking to trade at over the last year.
With limited data releases today it is hard to state the exact reasons to why the pound has gained so much momentum, however I believe its because speculators have purchased the pound in anticipation that the Governor of the Bank of England Mark Carney will deliver a press conference this evening and be bullish about the interest rate decision in May.
With average earnings catching inflation many speculators believe the Bank of England will hike interest rates to 0.75% and this is one of the reasons that the pound is gaining momentum alongside the transitional deal being agreed last month. The question is what next?
Personally I am surprised the pound is as high as it is, and I would be extremely tempted to purchase now at a 10 month high. The trade negotiations are set to start in the upcoming months and I expect these negotiations will put severe pressure on the pound.
For further information in regards to GBPEUR currency transfers feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with my forecast and the options available to you firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **