Getting the best exchange rate can be achieved with an understanding of what is affecting rates and the service of a specialist currency broker. Below are movements in the last week affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Following on from a fairly quiet day for U.K economic data yesterday I thought it would be good idea to see what else we do have due to be announced as we head towards the end of the month.
Generally at the end of a calendar month you tend to find that the volume of economic data tends to decrease, but there is still plenty for investors to get their teeth into as the week progresses.
This morning we have mortgage approvals data, expected to have shown a small increase which would be seen as a positive for Sterling exchange rates. I would also expect that we will continue to see the fallout from last week’s Brexit speech by Theresa May.
Early tomorrow morning we receive the latest house price data from Nationwide, this is fairly important as the housing market still remains a key part of the British economy. Looking at the trend since 2014 the pace of house price growth has significantly dropped off but tomorrow analysts are expecting a small fightback which also may be good for the Pound.
Later in the morning we have GDP (Gross Domestic Product) or growth figures for quarter 2 of 2017. This is merely a third revision of the previous release so I wouldn’t expect any great surprises but it is still on to keep an eye on just in case.
Thursday Brings two releases of note, one during the day and one late at night outside of hours.
Governor of the Bank of England Mark Carney is due to speak at 09:15am and investors and speculators alike will be hanging off of his every work. Most notable will be any hint towards interest rate change and should there be comments suggesting that a hike may be fairly imminent then Sterling exchange rates may reap the benefit. Equally, anything to dampen down expectations of a hike may drop off the value of Sterling as speculation of a hike is one of the main reasons we have seen a spike of late.
To round off the week we have consumer credit data on Friday morning followed by Mark Carney speaking once again. As above Carney’s speech will be most important of the two and with this being at 15:45pm this may lead to a fairly volatile end to the trading week.
Even with some data out this week that is fairly tempting to hang on for I am still of the opinion that the recent rise in the value of Sterling is one that I wouldn’t want to miss out on. A €200,000 purchase just three weeks ago would have cost £11,000 more than it would today. At current bank interest rates on even the best of accounts it would take you over three years to make that money up in interest.
If you have a currency exchange to carry out in the coming days, weeks or months and you would like to speak to a member of our experienced dealing team then feel free to contact our trading floor on 01494 725353 and we will be more than happy to help you.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me directly at email@example.com.
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