In an important day for the currency markets we have the European interest rate decision due at 12:45 and while expectations are for rates to stay on hold the accompanying statement can often lead to volatility so if you need to transfer Euros speak to us this morning so that we can discuss your requirements and the options available to you. Also today we have PMI for the UK service sector and following yesterday’s positive manufacturing PMI (Purchasing Managers Index), another good data release today could help push the UK economy further away from recession. PMI is released at 9:30am.
In other news Halifax has stated that house prices are “broadly stable” and have predicted that there will be little change this year, while this is not necessarily good news for the UK it is certainly not bad and as the housing market is so key to the UK economy any drop in the market could be really damaging. With the stamp duty holiday coming to an end in March there was a rush of first time buyers trying to get onto the housing market before the tax came back into play which has helped keep the market stable and possibly could have saved the UK economy in the short term.
This month we will have the UK Gross Domestic Product (GDP) figures which will finally confirm whether or not the UK has fallen into recession so the preceeding data releases are of paramount importance.
If you are looking to send money overseas and want to time your exchange to achieve the best exchange rate make sure you speak to one of our currency brokers today so they can discuss your requirements and the options available to you. Call us on 0800 328 5884 or email firstname.lastname@example.org.