Exchange rate forecast
A brief overview as to what has happened to the Pound in the last 24 hours and what is expected going forward.
Sterling strength as PMI data high and high Consumer Confidence
The Pound has gained in early morning trading following PMI (Purchasing Managers Index) data coming out the highest we have seen in some time, this shows that once the poor weather finally left us (if it even has gone for good) things did start to pick up.
We also saw Consumer Confidence figures out overnight which were also better than expected and the best we have seen for some time - a refreshing change for those with Sterling to sell following the recent losses seen.
Will the Bank of England introduce further QE - If so how will it affect exchange rates?
The Bank of England meet tommorow for their monthly interest rate decision and although no change to rates is expected Mervyn King has recently hinted at further QE being potentially placed into the system.
Those clients that had transfers to make last year will be well aware that the mere mention of QE tends to weaken Sterling and although this may well already be slightly factored into the market I wouldn't be surprised if the Pound loses ground should they decide on more and gains ground should they decide to leave it.
This is a brief summary of todays report for further information on the currency markets or if you have an upcoming transfer to make and want to discuss the options available to you call Daniel Wright on 01494 787462 or email me djw@currencies.co.uk
I assist thousands of clients to send money overseas or receive money from overseas involving the following currencies - Please note I do not deal with cash it is bank to bank only!! AED AUD BHD CAD CHF CZK DKK EUR GBP HKD HUF INR ILS JPY KES KWD MAD MUR MXN NOK NZD OMR PLN SAR SEK SGD THB TRY USD ZAR
Have a great day and thanks for reading!
Daniel Wright
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