Clients hoping to buy Euros at a better rate have been given a boost today, which is surprising considering the gloomy outlook the governor of the Bank of England gave yesterday.
After dropping quite steeply yesterday as Mark Carney, the BoE governor said that he didn’t think an interest rate was needed in the short term future adding that it wouldn’t be right to raise rates without knowing the outcome of the Brexit negotiations.
The reason the Pound spiked upward today is because one of the more generally considered conservative members of the BoE today gave a surprisingly bullish speech, whereby he said that he expects to see an interest rate hike soon. The member is Andy Haldane and the news came out just after the Queens Speech around lunchtime today.
It’s very hard to tell which way the Pound will move next due to the mixed messages we’re currently receiving from key figures from within the UK’s financial sector.
In times like these it’s worth having a currency broker such as ourselves in order to keep you updated with big moves. We offer clients to chance to set up price target with us, whereby we can either notify you of the move or even have an automatic order set up in case of a short-term positive move.
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 email@example.com and I will endeavour to get back to you as soon as I can.