The Bank of England chose to keep interest rates on hold yesterday as expected, although the voting patterns of the BoE voting members resulted in a boost to the Pound’s value.
The markets are now expecting to see a rate hike in August, as now there are 3-voting members of the BoE that wish to see a rate hike. The Pound to Euro rate is still trading over the 1.14 mark after hitting 1.1460 yesterday, and this morning the Pound is managing to hold onto much of its gains from yesterday.
Should there be a rate hike in August, I would expect to see the Pound climb further as this isn’t the first time that we’ve expected to see thehike from the BoE. The Pound was trading a lot higher earlier in the year when their were hopes of a hike and this time the markets may be weary of buying into the Pound, in case the BoE decides against making the change which is perhaps why GBP exchange rates haven’t hit the highs of earlier this year.
There are no economic updates from the UK today, but if you’re planning on making a transfer involving the Pound and would like to updated should there be movement, do feel free to register your interest with me.
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@example.com and I will endeavour to get back to you as soon as I can.