If you are buying or selling Euros from a GBP base then today could be key as we see the Bank of England and ECB interest rate decisions. In the UK we will be waiting to see whether or not at 12.00 the Bank of England extend the Quantitative Easing program ( a move that is aimed at avoiding recession, or at least lessening the impact of it). All 9 members voted against QE last month however since then we had the GDP figures for the last quarter showing a 0.2% drop, and inflation (whilst still very high) has come down sharply from 4.8% to 4.2%- given all this QE is a real possibility. The pound began to drop sharply against the Euro in readiness for this decision (and the more optimistic news over a debt deal in Greece).
On the other hand we have the ECB decision due at 12.45 and whilst the expectation is for them to hold interest rates at 1% there is an outside chance of a cut- a move which could weaken the Euro substantially and counter some of its recent gains against the pound. Whilst the odds of a rate cut seem small, the press conference afterwards will give more insight into what policy may be going forward, and possibly some insight into when the debt crisis may pass (again don’t expect any overly obvious bad news as Draghi will choose his words carefully) by reading between the lines of what the head of the ECB says.
If you haven’t used a currency broker before, or are just looking to get a better price than your existing broker, please feel free to e-mail Colm at firstname.lastname@example.org with an overview of your requirement quoting ERF in the subject matter. I would be more than happy to explain how our services work and what the cost savings would be.