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Bank of England interest rate decision and the impact for GBPEUR exchange rates (Tom Holian)

Thursday, November 3, 2016 2:30
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There is a huge amount of economic data due out today beginning with PMI Services data for the UK at 930am. As such a large part of UK GDP, services data is an extremely important data release so this could start the volatility for GBPEUR rates shortly.

However, one of the biggest days of the month is likely to be today as the Bank of England meet at lunchtime today and the UK also releases the Quarterly Inflation Report.

Governor Mark Carney has been rather outspoken in his defence of cutting interest rates shortly after the vote to leave the European Union in June. He has been publicly criticized by various politicians that he has been a bit of a gloom and doom merchant but he has claimed that the central bank’s intervention helped to settle the economy after the Brexit vote.

Carney will be speaking publicly at 1230pm today and he will confirm that he is staying for another year which is good news because this means he will be around for the full term covering the negotiations involved with Article 50.

Personally I think even if the Bank of England do not cut interest rates this month I think there could be signals that another rate cut could be coming and this could cause a huge amount of movement for Sterling vs the Euro during this afternoon’s trading session.

Having worked in the currency markets since 2003 I am confident that not only can I offer you better exchange rates when buying or selling Euros compared to using your bank but also help you with the timing of your transfer.

If you have a currency transfer to make and want to save money compared to using your bank then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian

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