A Big Day for Sterling Exchange Rates

Today is lined up to be a key day for the UK economy and therefore Sterling exchange rates with both unemployment and inflation data both announced this morning. Unemployment is released first at 9:30 am and has previously been used as a yard stick of not only how well the economy is performing but also for when interest rates in the UK may be raised, so if we see another drop in unemployment today it is possible that we could see Sterling strengthen even further with Sterling possibly testing the 1.23 level and even the 1.70 levelĀ against the USD. Then following on from this we have the quarterly inflation report from the Bank of England which will indicate whether the central bank are managing to keep inflation at the target level of 2%. Recently we have seen the rates drop slightly and with the inflation issues in the Eurozone this will be a key announcement as falling inflation would be a bad sign but if the BoE can keep inflation close to the 2% level then it may be yet another boost for theĀ Pound.

So, with so much important economic data for Sterling today it will be crucial that if you have a currency transfer to make that you speak with your account manager here at Foreign Currency Direct plc so they can keep you informed of all the latest currency news and will be happy to discuss your currency requirements and the different options available to you. So, if you want to discuss this in more detail please call us today on 01494 725353.