It has been confirmed today that 6 of the UK’s biggest lenders have signed up in an effort to increase the flow of money in the economy and therefore help boost the UK and Sterling exchange rates. In total the Bank of England (BoE) has stated that 13 banks and building societies have signed up and should they all take the maximum amount available will be borrowing and more importantly therefore lending £60bn in cheap loans to businesses and private individuals alike. The hope is that an increase in cheap credit will help more mortgages become available which could see the housing market pick up and also the credit should help businesses that potentially need the extra funding to push through challenging economic times or even to grow therefore possibly employing more people.
So far this news has been taken positively by the markets and Sterling exchange rates have strengthened especially against the Euro which is pushing back up to the key resistance level of 1.26. In the meantime Sterling Dollar exchange rates have continued to hold steady presenting some excellent opportunities for those clients looking to buy Dollars.
So, if you would like to discuss your currency requirements, the options available to you and the market outlook in more detail pelase do not hesitate to contact one of our experienced currency brokers on either 0800 328 5884 or email us on email@example.com as we will be more than happy to help.