With one year to go before the Brexit officially takes place, the countdown begins with financial markets looking closely into the health of the UK economy.
Later this morning at 9.30am we will be given an idea of how the economy is fairing as UK GDP figures will be released. These figures will show us how much the UK economy grew during the last quarter of 2017, and the expectation is for 0.4% growth.
As markets are expecting to see this figure we can expect to see GBP exchange rates fluctuate if the figure released deviates from 0.4%, with rises likely if it’s greater and Sterling falls if it’s lower.
The Pound’s value has seen a boost in the last week after it emerged that the Brexit transitional deal has been agreed, which was an issue weighing down the Pound previously. Now that this has been agreed and a softer Brexit is likely to take place, I think that economic data releases will begin to carry weight when it comes to the Pound’s market movements.
The next key data release is next Tuesday, as Manufacturing data will be released and provide us with an update regarding the heath of this industry within the UK. If you have a currency exchange to make and would like to plan around this event, do feel free to get in touch as I’ll be happy to offer my own opinions on the market.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.