Today at midday and 12:45pm we have the UK and Eurozone interest rate decisions due. These has been a lot of speculation over these announcements as there is a chance we could see a cut in Eurozone interest rate which could send Sterling Euro exchange rates up which may present some excellent opportunities for clients looking to buy Euros. However, in the UK there are some strong rumours that we will see an extension of the Bank of England’s (BoE) Quantitative Easing (QE) programme which in the past has led to Sterling weakness as QE is effectively injecting more money into the economy which increases the supply and can lower the value of the currency concerned. As QE is quite widely expected it may be that the markets have already priced this into the market and so if it is not announced again we could see some Sterling strength. This really goes to highlight just how unpredictable the currency market currently is so if you need to transfer money abroad and are looking for the best exchange rates make sure you speak to one of our experienced currency brokers this morning so we can talk through your currency requirements and discuss all the options available to you.
At Foreign Currency Direct plc we offer a number of different contract types which can be tailored to our clients requirements and one of these contract types is a forward contract. A forward contract can allow clients to secure their rate of exchange at the current levels for a period in the future using just a small deposit, so even if you don’t need your currency immediately or you don’t have all the funds currently available but want to fix your exchange rate before the interest rate decisions today you can. Simply give us a call on our freephone number 0800 328 5884 or email us on firstname.lastname@example.org and we can talk you through this and the other relevant options for you.