Today the Chancellor George Osborne is due to announce the latest budget which many have predicted will be focussed on the growth of the UK economy. In the past we have seen budget announcements cause volatility in the currency markets so any one looking to transfer money abroad will need to stay in close contact with your account manager so they can keep you informed of any movement in the markets that could effect your currency transer.
This morning we have also had the Bank of England minutes released from the last interest rate decision. This has shown that the vote to keep interest rates on hold was unanimous at 9-0 but the vote to decide whether they increase Quantitative Easing (QE) was a little closer with a 7-2 vote in favour of keeping the currency asset purchasing scheme on hold, this however has highlighted that there are members of the Monetary Policy Committee (MPC) who believe the country needs further financial stimulus to to help prevent recession which has led to Sterling exchange rates falling this morning. Only time will tell whether the budget will reverse these losses.