Where next for Sterling exchange rates? (Tom Holian)
Yesterday morning UK unemployment came out at its best level in 42 years which although as a headline is incredible news for the UK the real problem for the UK is that of average earnings which are lagging behind inflation which is currently rising.
Inflation is becoming a problem for the Bank of England because typically the central bank would look at raising interest rates to combat high inflation but in recent years both the BoE and the European Central Bank have been using Quantitative Easing as a tool.
In the most recent vote only one member of the Monetary Policy Committee voted for an interest rate hike with all the other wanting to keep rates on hold.
With inflation rising caused in part by the strength of the US Dollar vs the Pound this is starting to negatively impact UK consumers and their cost of living.
UK Retail Sales are due out this morning with the expectation of 2% so anything different is likely to cause movement for the Pound later on this morning.
My personal expectation is that as the weather has been relatively good in recent weeks I think this could result in some moderately positive news today and this could result in the Pound making gains vs both the US Dollar and the Euro.
We are also 3 weeks to go before the UK goes to the polls and at the moment the clear winner is likely to be the Tories as demonstrated already in the local elections.
Having worked in the foreign exchange industry since 2003 I am confident that not only can I save you money when buying currency compared to using a bank but also help you with various contract types that a bank will not typically offer an individual.
To find out more or for a free quote when buying currency then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
Source: http://www.poundsterlingforecast.com/2017/05/18/where-next-for-sterling-exchange-rates-tom-holian/
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