Buying Euro and Dollar rates see minor deterioration in the face of BOE comments (Joshua Privett)

Super Thursday has now come and gone, with Sterling losing some of its recent gains on buying Euro and Dollar rates throughout the early afternoon.

Super Thursday, as was covered in previous posts on this website, is the release of a host of important data for the UK economy all in one go. It doesnt always result in huge currency movement, but it always has the potential to, which is why those with a buying or selling Euro or Dollar requirement should be on their toes for days like today.

Today’s movement was minor, but large in this relatively stagnant currency market we have become used to in 2017. Whilst a host of information was released the key negative point that markets were drawn towards was the clear conclusion set out by Mark Carney, the Governor of the Bank of England, that prices were expected to far outstrip wage growth over the next few years. Alongside a revision down in growth forecasts this pointed to a UK economy slowing its momentum.

Not good…but hardly new news.

So what now? We are still weeks away from the UK election, the French election is over and Europe is breathing a sigh of relief for avoiding another potential Leave vote, and most of the key economic data has been released. We’re in a currency no-mans land at the moment.

The most movement will likely be found on buying US Dollar rates as the scandal with the Comey firing unfolds and the current tax legislation that financial markets are so keen about gets put on the back burner.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. You can email me (Joshua Privett) on [email protected] and I will endeavour to get back to you as soon as I can.