We have a great deal of economic data out today which will no doubt lead to a volatile day for the Pound.
The day kicks off with PMI services data out at 09:30am and with the services sector being the largest contributor to GDP (Gross Domestic Product) figures this will be a key indicator as to how the economy is performing post referendum.
At midday the temperature really begins to rise as we have the Bank of England interest rate decision, meeting minutes, quarterly inflation report and QE alterations (Asset purchase facility).
With such a heavy load of data all released at the same time it is extremely important that you are watching the market as this all comes out. If you are not in the position to watch the market like a hawk due to work commitments or being out and about then let us watch it for you. Also, if there is a particular rate of exchange you wish to achieve then you should be making us fully aware.
We can monitor markets throughout the day and give you a call upon the market’s reaction so that you can make a decision on what you would like to do.
We offer a number of contract options here so if you would like to discuss these in more detail then feel free to contact our trading floor today and we will be more than happy to assist you.
Where the Pound ends the day will be reliant on whether or not Mark Carney is Dovish (negative) or Hawkish (positive) during his speech at 12:30.
Following on from rumours over the weekend that he may step down from his position he has since confirmed that he will be extending his contract to remain until 2019 (conveniently until the year Brexit may officially happen).
What will be of great interest is if he is a little more positive in his opinion on the economy or whether he goes down the route of saying that he will stay because it is going to be such a tricky time ahead.
Really positive growth figures last week even failed to give the Pound a lift, so it does appear that Sterling is out of fashion at the moment so if rates are due to climb in the lead up to Christmas this is one of the last big chances we have to see some positive news and movement for the U.K and the Pound. If Carney is negative today then be braced for an even weaker Pound in the lead up to the festive season.
With the potential for Mark Carney to cut interest rates further today, clients holding Sterling should get in touch with our brokers this morning to discuss currency requirements. Email me here or call our trading floor on 01494 725 353.
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