For those following the GBP/EUR exchange rate we have seen a very volatile day for the currency pairing with a swing of 1.5 cents from high to low throughout the course of the trading day.
For those following EUR/USD we saw slightly less volatility than the rest of the week, with less than a cent movement from high to low from open until the time of writing this post.
GBP/EUR was the key one to watch today, the Bank of England interest rate decision, inflation report and monetary policy statement were all released at 12:00pm GMT and comments from the Governor of the Bank of England Mark Carney suggested that the Bank of England may look to raise interest rates sooner than later.
An interest rate hike is generally seen as positive for the currency concerned as it makes it more attractive to investors, the mere fact that the BOE have suggested a hike may be closer than originally thought has given the Pound a little strength. The strength did drop off a little as the day progressed however, as there still is the underlying issue of Brexit hanging over the U.K so the BOE may not move as quickly as they have suggested.
Tomorrow we have Industrial output figures for France and Italy in the morning, followed by industrial and manufacturing production figures for the U.K shortly after, so we may be set for the volatility to continue in early morning trading tomorrow.
If you have a pending exchange to make and you are in the position to move then it may be prudent to make us aware here so that we can keep you fully up to date with the action and highlight any potential opportunities that may arise.
Not only do we offer up to date market information for our readers but we can actually help you with any currency exchanges too, with top foreign exchange rates and a smooth and efficient service too. Feel free to contact me (Daniel Wright) directly on firstname.lastname@example.org and I will be more than happy to help you personally or to get you a live quote.