Adam Marshall, director of The British Chambers of Commerce - representing over 100,000 businesses - has warned there may be rocky times ahead for the UK and thus Pound Sterling exchange rates. Concluding, only due to the ‘business as usual approach’ seen since the EU referendum by businesses and consumers alike has the UK held firm and been seemingly unaffected by the leave result.
On the other hand, as the economy begins to come under real pressure through a weakened Sterling - falling 15% against the US Dollar and 10% against the Euro-, coupled with higher inflation levels eroding wage growth it could be the time to take advantage of the three-month highs against the Euro and close to 2 month highs against the US Dollar.
The Supreme Court hearing came to a close on Friday of last week, while the result is not expected until the end of January, Government sources point to a possible uphold in the High Court ruling through a slim 7-4 majority for the Remain campaign. While this would mean the Government must still pass a law through Parliament in order to enact the triggering of Article 50 it would be seen as a welcome boost to the Leave campaign, with some expecting the Government to lose the appeal by as much as a 10-1 majority.
This morning at 9:30am sees the Consumer Price Index figure - a key indicator of inflation - for November released, with expectations at 1.3% - up from 1.2% in October - a significant movement from this could have big implications for the Pound and possibly confirm suspicions business conditions are changing in the UK economy. Furthermore, Thursday sees the Bank of England interest rate decision and subsequent minutes released, while there is no expected change in policy at this meeting, any signals for the future could have large implications on Pound Sterling exchange rates.
The Bank of England are not expected to change interest rates but Pound Sterling exchange rates could become volatile before and during the update. Clients with a currency requirement may benefit from getting in touch with their key broker so they can help you make an informed decision on a transfer. Call our trading floor today on 01494 725 353 or email firstname.lastname@example.org for assistance in signing up.
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