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Carney Pledges to stay in his role until Brexit negotiations are concluded.

Tuesday, November 1, 2016 9:57
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(Before It's News)

Pound Forecast

Mark Carney, the Gverneor of the Bank of England (BOE) has stated he will continue in his role as Governor. He will now be on a six year contrcat which will take him over the period scheduled for Brexit negotiations. This should have caused Sterling to gather some strength, but it did little to bolster the pounds position despite many reporting to the contrary.

Bank of England Interest Rate Decision

On Thursday at 13.00 we will see the BOE interest rate decision and there is the possibility of a cut due to the uncertainty surrounding the UK economy following the Brexit vote. If a cut does occur expect Sterling to have a further fall.Carney does not seemed overly concerned with the value of the pound, seeing it as an opportunity to boost exports and the need for more domestic purchasing. Personally, I think the value of foreign goods will cause the UK general public to bear the brunt of the increase in foreign merchandise. I expect a serious rise in inflation particularly in consumable goods.

A hard Brexit now seems inevitable following Fancois Hollande’s comments that no negotiations will take place until Article 50 is triggered. Theresa May has stated that it will be invoked before the end of March and negotiations could be long and arduous. It may be be Q£ before we see a significant Sterling rally.

GBP/USD

With Trump advancing in the polls if you are a USD seller it may be time to bite the bullet. If he gains power expect the greenback to lose a lot of ground due to oddball policy ideas. Particularly curbing trade with China which could wipe trillions off both economies.

If  you have a currency requirement it is crucial to be in touch with an experienced broker. The timing of your trade is vital during such volatile  times, If you have an experienced broker on board he/she can keep you up to date with what is happening in the market to help you make an informed decision. Should you find our information useful and you would like me to assist with your trade I will be happy to help you personally. If you inform me of the the currency pair you are trading, volume and time scale and I will provide a free trading strategy to suit your needs. I work for one of the top brokerages in the country and as such I am in a position to better virtually every competitors rate of exchange. You would also be looking at saving anything up to 4% in comparison to high street banks. Please do get in touch by contacting me at dcj@currencies.co.uk. Thank you for reading my blog.

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