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Buying Euro and Dollar rates set for further boost this morning (Joshua Privett)

Friday, October 21, 2016 1:38
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(Before It's News)

Yesterday saw heavy drops and rises on GBP/EUR, GBP/USD and GBP/AUD, with buying Euro and Dollar rates impacted by the volatility caused by swinging commodity prices, lower than expected retail sales in the UK, alongside the highly anticipated European Central Bank interest rate decision and monetary policy statement.

There was very little change to the status quo in all three of the above market events, yet GBP/EUR and GBP/AUD in particular were swinging wildly to the news. This further highlights just how hypersensitive this current market is.

Nothing out over the past few days were suggestive of long-term trends, however, in the short-term some key indicators have been given.

Rates have been rising marginally following the flash crash which I’m sure all readers of this website would have noted 12 days ago. Given that this was an artificial fall, there is still room for rates to improve back to a level where the Pound’s value has more justification.

The further boost needed may come from UK public sector net borrowing figures this morning.

Despite all the fan-fare that in the wake of the Brexit vote the Government has abandoned its target to cut the deficit, public sector net borrowing figures are expected to fall during the month of September, which should further dispel the current narrative of ‘crisis’ when looking at the UK economy.

The news will be coming out at 9:30 am UK time, however, as early as the afternoon the Pound is likely to be coming under further pressure.

The phenomenon of profit-taking, which has been covered extensively by this website, has regularly and markedly impacted the Pound’s value heading into the weekend.

Traders at high street institutions are the actors who move the volumes large enough to affect the average buying rates have to choose a stable currency with which to allocate their currency into for the weekend to protect its value whilst they are away from their desks. For obvious reasons Sterling is very low on this list of stable currencies, and as such the total lack of demand for the Pound during this period sees its value cascade downwards.

As such, if you have a short-term requirement for buying Euros or Dollars, a window of opportunity is expected today and I am in a position to detail the options open to you to seize any tempting opportunities which emerge.

I recommend contacting me on 01494 787 478, and the reception team will put you through to Joshua if you ask for me directly. We can discuss a strategy aimed at maximizing your currency return.

Alternatively, you can reach me on jjp@currencies.co.uk if you requirement is slightly more longer term, but in this current market it is clearly prudent to plan ahead of time.

You can also fill out the form below and I will contact you as soon as I am able to.

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