Three members of the bank of Englad are due to speak this week, with the outlook for the Pound so uncertain at the moment markets will be looking for any indications about future monetary policy decions. The market report below discusses the way in which this could affect exchange rates, in the midst of ongoing uncertainty surrounding Brexit negotiations. The table below shows the difference in a number of currencies you could have achieved when buying £200,000.00 during the high and low points of the past week.
|Currency Pair||% Change||Difference on £200,000|
The Brexit Bill will return to the House of Commons following the House of Lords adding 15 amendments last month. All Tory MP’s have been called upon by Chief Whip Julian Smith to be on campus for the entirety of the 12 hour marathon session on the 12th June.
Opposition MP’s have been very vocal with challenging the plan suggesting the 15 amendments cannot all be negotiated in one day and it’s an attempt by Theresa May to bulldoze the bill through.
Sterling at the start of the week dipped following the announcement of the date for the debate, however over the course of yesterday afternoon sterling rallied against most major currencies moving to a week high for the GBP/EUR rate.
The more obvious reason for Sterling’s strength yesterday would be put down to the better than expected Markit Services PMI data, which may have lifted some of the concerns following poor weather towards the start of the year which had been reflected in recent data.
Over the next few days three of the members of the Bank of England’s monetary policy Committee will speak which can always cause market volatility. At the moment the potential chances of an interest rate hike in the UK this year hangs in the balance and markets will be listening to every word from the members of the committee who vote.
Silvana Tenreyro and Ian McCafferty will both deliver speeches today and tomorrow David Ramsden will also speak in the afternoon. Any insight into how the central bank see’s the second half of the year unfolding could certainly provide a shock to the market.
Following Sterling’s rally in the last 24 hours it may be worth trading on the current rate movement before the House of Commons debate the bill next week. If you’re in the market for making transfers in the near future, make sure you’re in contact with your broker to discuss your best options.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
Always a fast and efficient service, a good rate and a simple transfer.
Excellent customer service, very friendly and helpful staff. The process of money transfer is painless. Thank you.
The service was effortless to use and I was kept up to date all the way through the process with courtesy calls and advice from the same contact in the selling of my home abroad and returning the funds back to the UK. I would highly recommend this service to friends and colleagues in the future.
Efficient service and good rates. My currency reached my overseas bank same day!
I find the process to be efficient, uncomplicated, and very good value – the exchange rates used are unbeatable, and the fixed service charge is insignificant when sending a large-ish sum.