Sterling Euro exchange rates have seen a surprise boost this morning following on from better than expected UK Manufacturing & Industrial production data.
This came as a surprise to the currency markets as both figures were better than the consensus and my personal expectation was for a bit of a fall as during August Sterling Euro rates were close to an 8 year high and therefore I would have expected to see manufacturing data lower.
The good news is that Sterling has gained by a cent during this morning’s trading session but with the NIESR GDP estimate due out later this afternoon this could cause another bout of volatility for GBPEUR exchange rates.
The Bank of England are due to meet tomorrow at midday and I expect to see a 9-0 vote by the MPC member to keep interest rates on hold.
Indeed, I think the Bank of England has very little appetite for an interest rate hike for a long period of time and therefore I think Sterling could fall vs the Euro during tomorrow afternoon.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian email@example.com