The Pound remains in a tight range since the triggering of Article 50 two weeks ago as it appears as though the UK has shrugged off some Brexit fears recently.
Although the announcement has been made no formal negotiations have started so the focus remains on what is happening in the economy both in the UK and overseas.
UK inflation is set to cause movement today when the data is released at 930am this morning.
With one of the Bank of England members last month calling for an interest rate hike if inflation continues to rise this morning then this could support last month’s decision by one of the nine members and this could possibly give Sterling a boost later today.
Bank of England governor Mark Carney is due to speak tomorrow and with UK unemployment data also due tomorrow morning we could see a lot of movement for the Pound over the next 24 hours.
Therefore, it is important to make sure you keep a close eye on Sterling exchange rates during this time period.
Although UK unemployment levels are close to their lowest levels in history the problem that faces the UK is Average Earnings which have appeared to have slowed recently.
This means that although more people are in work their spending power has been reduced and this has impacted negatively on the British economy.
In the next fortnight the French hold the first round of their elections with the controversial character Marine Le Pen looking as if she will get through to the final round due to take place on May 7th.
This is likely to cause a lot of volatility between between Sterling and the Euro during this time so if you’re concerned about what may happen to GBPEUR exchange rates but don’t have the full availability of funds it may be worth buying a forward contract which allows you to fix an exchange rate for a future date.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for further information or a free quote when buying or selling currency.
Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I look forward to hearing from you.
Tom Holian [email protected]
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