After a busy day for economic data releases the Pound had a mixed day of trading yesterday, gaining against some currencies whilst dropping against others.
The good weather along with the Royal wedding last month appears to have buoyed shoppers after Retail Sales figures jumped by 1.3% after initial expectations of just 0.5%. This gave the Pound a boost against all major currency pairs early in the morning but the tide soon changed against the likes of the US Dollar which appears to be back on the front foot after another interest rate hike in the US this week.
The Euro had a bad day and the Pound to Euro exchange rate had its biggest one day gain since March. After the European Central Bank announced that it’s Asset Purchasing Programme (APP) will end towards the end of the year and that there will be no interest rate hikes until the end of next year, the Euro weakened.
At the moment the Pound to Euro rate is trading in the 1.14’s and over the last year its highest levels have been in the 1.15’s, so it’s a good time to be making that conversion considering recent historical levels.
Next week there could be movement for GBP pairs, especially on Thursday when the Bank of England will be updated us with their monetary polcicy plans. If you wish to be updated in the event of a major market movement do feel free to register your interest with us.
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.
