Bank of England’s King To Speak – GBP Exchange Rates
At 9:30am today the Governor of the Bank of England (BoE) Sir Mervyn King is due to speak. His speech is due to give an insight into how the BoE see the current UK economic climate and what he thinks as to the value of the Pound. This could be important, especially for those clients with a short term currency requirement as his comments could certainly move the currency markets as any positive news could result in Sterling strength but the reverse is also true. Today also marks the start of the two day BoE interest rate decision with the actual decision announced tomorrow at midday. So, the next couple of days are likely to be crucial for GBP exchange rates which means if you need to transfer funds internationally it would be worth speaking to one of our currency brokers who will be happy to discuss your currency requirements and the options available to you. We offer a number of different contract types including a forward contract where, for a small deposit, you can secure a rate of exchange at the current levels for a period in the future, this means that no matter what happens in the currency markets your rate will be held which is perfect to help you budget and take some of the risk out of the markets.
European Gross Domestic Product Figures Due – EUR Exchange Rates
At 10:00am today we have European Gross Domestic Products (GDP) figures due which are predicted to come out worse than the last set of figures as the economic downturn continues to damage the majority of the European economies including some of the larger countries such as Germany and France. Should these figures come out as bad as expected or even worse then we could see EUR exchange rates fall this morning which could present some good opportunities for clients looking to buy Euros. However, it may be that any weakness for the Euro will be contained as despite the challenging economic conditions the confidence instilled by European Central Bank (ECB) President Mario Draghi remains. In fact should the figures come out more positive than predicted we could witness rates move back down towards the low levels we saw a couple of weeks ago. Keep in touch with us today to be informed of the latest currency news.
Canadian Interest Rate Decision – CAD Exchange Rates
At 3pm today we have the latest Canadian interest rate decision where interest rates are predicted to remain on hold at 1%. The Bank of Canada (BoC) are currently witnessing a challenging economic environment as their economy is so heavily influenced by the price of oil and when we see the price of oil shift dramatically it has a significant impact on the Canadian Dollar. Any comments from the BoC could also give an insight into how they see the Canadian economy and what they expect to see over the coming weeks and months. As per most economic data releases this could affect CAD exchange rates so if you need to buy Canadian Dollars keep in touch with us here at Foreign Currency Direct.
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