All Eyes on UK Unemployment – GBP Exchange Rates
This morning the latest set of unemployment figures for the UK are released and considering we have previously heard from the Bank of England (BoE) that should unemployment fall below 7% they will consider raising interest rates, and despite this being talked down in recent weeks by the BoE if we do see unemployment fall by 0.1% or more today then we could see Sterling strengthen considerably. However, the reverse is also true and so should unemployment worsen today then it could damage sterling exchange rates. Also announced this morning at the same time as unemployment are the BoE minutes from their latest interest rate meeting, these minutes will indicate whether the Bank considered any change in interest rates and whether they discussed amending the current levels of Quantitative Easing. Should either of these crop up in the minutes today it could cause more major volatility for GBP exchange rates this morning. So, this morning could be absolutely vital for anyone looking to make an international currency transfer and means that it is very important to keep in close contact with your currency broker here at Foreign Currency Direct plc.
USD Exchange Rates
Later today there is a number of economic data releases due for release for the US which could make it a busy afternoon for the USD. The data sets include housing market figures, production figures and the latest set of minutes from the Fed’s latest interest rate decision. These minutes, similar to those from the BoE this morning, will indicate what discussion was had in relation to the continued tapering of their bond buying scheme and also if they discussed amending interest rates, although this is unlikely for the forseable future. So, if you need to buy or sell USD then today could throw up some good opportunities with a lot of volatility expected, so contact us today to find out how these data sets could impact upon your currency transfer.
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