A Busy Week for Sterling Exchange Rates
It is lined up to be a busy week for Sterling exchange rates this week with some key economic data due for release. The week starts in earnest tomorrow with UK inflation data due for release which is expected to come out better than last month which could be a positive boost for the Pound. The Bank of England (BoE) are targetted to keep inflation at 2% and it has been running close to this level for some time and although the past few months have seen inflation drop slightly it is expected to push back up towards the 2% level. Then on Wednesday we have the latest set of BoE minutes which will indicate how the members of the Monetary Policy Committee voted and what was discussed and with an improvement in the majority of UK data there is a chance that an interest rate hike will have been discussed and this could help support Sterling. Following this UK retail sales data will be announced which will show how the UK high street is performing which is yet again a very important data release. Thursday sees the release of quite possibly the most noteable data set with the latest Gross Domestic Product (GDP) figures due which are expected to again show an improvement of up to 0.8%. This figure is a revision of the first quarter of this year and with quarter 4 of 2013 only at 0.7% the confirmation that this year has started off strongly for the UK is likely to provide more support for the UK and any revision up could generate Sterling strength.
These economic data sets will not only go to paint a clear picture of how the UK economy is performing but also could provide significant movement for Sterling exchange rates. So, if you need to transfer funds internationally and would like to discuss your currency requirements and the options available to you please speak with one of our senior currency brokers by calling straight through to the trading floor for free on 0800 328 5884 or if calling from abroad on 0044 1494 725353.