The Pound fails to hold on to its recent gains, will the sell-off continue due to Inflation fears? (Joseph Wright)
The rate of Inflation in the UK (the Consumer Prices Index) rose to 2.7% in April, an increase from the figure of 2.3% in March. This is the fastest increase since September 2013 which just shows how quickly the rate is increasing.
This Inflation update comes after it was announced last week that wage growth in the UK isn’t increasing at the rate of Inflation and this has spooked the markets, resulting in a sell-off of the Pound.
Under usual circumstances the financial markets would expect the Bank of England to raise interest rates to try and counter the steep rise, but due to the fact there’s a general election next month in the UK this has been generally ruled out and the Pound is paying the price.
The Pound to Euro exchange rate prior to these updates was trading comfortably towards the top of its current trading range just below the 1.20 mark, whereas this morning the sell-off has continued pushing the GBP/EUR rate as low as 1.1603 at one stage.
The Pound has been dipping against all major currency pairs over the past few days with this morning being the first time the Pound has got some rest-bite as it’s trading more or less flat across the board at the time of writing.
Economic data releases are playing an important role in the Pound’s price movements at the moment so do feel free to get in touch if you wish to be kept updated.
If you have a large 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. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.
Source: http://www.poundsterlingforecast.com/2017/05/17/the-pound-fails-to-hold-on-to-its-recent-gains-will-the-sell-off-continue-due-to-inflation-fears-joseph-wright/
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