Buying Euro and Dollar rates took a further slide this afternoon as markets were gearing up for Mark Carney’s appearance in front of the House Treasury Committee.
Mark Carney is the Governor of the Bank of England, and given the recent shock to the UK economy, this currently hypersensitive market was approaching the news release with baited breath.
The bread and butter of what markets were hoping for was some kind of indication as to what the highly anticipated growth figures for markets on Thursday may reveal.
In the run up to the event a nervous market revealed itself, with falls recorded on GBP/EUR, GBP/USD, and most noticeably on GBP/AUD.
It seems that most investors in commercial markets were keen to relieve themselves of any risk ahead of the event itself so sold Sterling off in droves to protect themselves. Unfortunately, with Sterling’s value lowering through decreased demand, this hurt anyone with a private Euro or Dollar purchase.
As my Sunday post detailed this week was fraught with risk for anyone buying a foreign currency and we are already seeing this manifest on the exchange rates.
Thursday is the first look at UK growth figures since the recession, and whilst Carney gave little away in his speech today, we have learned a valuable lesson that markets are risking little this week. It’s likely in the run up to the news on Thursday we will be seeing similar drops on Sterling as markets avoid gambling on what will be an important data release for the UK economy.
My opinion has not changed and as such I strongly recommend that anyone with a buying Euro, US Dollar, or Australian Dollar requirement should contact me on firstname.lastname@example.org to discuss a strategy on how to protect your upcoming transfer from any adverse movements and maximise your currency return with what is available in this current marketplace.
I have never had an issue beating the rates of exchange on offer elsewhere, and as such a brief conversation could save you thousands on an upcoming transfer.
You can also contact me on the form below whilst markets are quiet overnight and I will respond to you as soon as I am able.