This afternoon Governor of the Bank of England Mark Carney will address the public in regards to monetary policy. The Bank of England last cut interest rates on the 4th August from 0.5% to 0.25%, The next meeting is on the 3rd of November and many economists are predicting a further cut potentially to 0%.
If this were to occur this could be the start of another major fall for sterling exchange rates. This is why this afternoons press conference is important as the Governor could hint to future policy changes which in turn would cause exchange rates to fluctuate due to the volatility.
Gross Domestic Product numbers are to be released at 9.30am Thursday. The Quarterly inflation figures are set to show a decline from 0.7% to 0.3%, which should in turn provide a spike for short term sterling buyers.
When purchasing currency it’s crucial to analyse both the currencies you will be trading, as there could be spikes in the market to take advantage of.
Feel free to email me the currency pair you are trading (GBPUSD, GBPAUD, GBPCHF etc) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair email@example.com.
Property purchases and sales are my area of expertise, therefore if you need to purchase a foreign currency or you are about to complete on a sale abroad, today is the day to get in touch to discuss your options and to get an understanding of how we can save you as much money as possible.
** 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 minutes and in the past I have saved clients thousands! **