The minutes should confirm how many members of the BOE were in favour of halting the current QE also how they plan to tackle inflationary issues going forward.
Unemployment figures are expected to look deceptively healthy due to the number of people forced to take on part time jobs in the U.K
Should this be the case and figures come out better than expected then we may see Sterling strength throughout the day.
U.S Federal Reserve Minutes
Like its UK equivalent, the US Federal open Market Committee minutes are sure to cause ripples for the world’s largest economy.
They may give an insight as to if or when the US is able to start raising interest rates which is likely to impact on the price of the Dollar. Since many commodities are priced in the greenback this has huge significance for various market sectors and may affect a currency pair you had not considered.
With gold being priced in Dollars, and South Africa being the world’s largest single producer of gold, as the Dollar rate changes, so does the amount of gold investors can afford, and therefore the ZAR strengthens or weakens as a result.
As you can see the impact of the US information out this afternoon doesn’t only affect clients looking at buying or selling Dollars directly but also those clients looking at a range of other currencies.
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
Need a hotel overseas - Look no further, click below!!
