UK interest rates were once again kept on hold by the Bank of England yesterday and it was confirmed that the vote was 7-2 in favour of keeping interest rates on hold at the same level.
The mid-market fell by 0.5% within a matter of minutes after the release of the news and many think an interest rate hike in the UK will not come for quite some time.
Just two weeks ago UK GDP figures came out at their slowest growth since 2012 and this was one of the main reasons given for why interest rates were kept on hold again. This has caused the Pound to fall against the single currency.
Only just three weeks ago Pound vs Euro exchange rates hit their highest level in almost a year as rumours were that an interest rate hike may be coming but recent poor economic data combined with the central bank keeping rates the same this has caused the Pound to be sold off causing GBPEUR exchange rates to drop.
As we go into next week, Tuesday could be a very volatile day as we have a number of important economic data releases due out. UK unemployment figures are released as well as the latest average earnings data as well.
UK Inflation Report Hearings are also due to be released and this could cause a lot of movement for the Pound vs the Euro so make sure you keep a close eye out for what happens on Tuesday.
Later that same day Eurozone GDP data is due out so we could see a very volatile start to the week for Pound vs Euro rates.
Having worked for one of the UK’s leading currency brokers for 15 years I am able to offer you bank beating exchange rates as well as helping you with the timing of your transfer when buying or selling Euros.
For a free quote then contact me directly by calling 01494787478 and asking for Tom Holian when calling or email me directly with a brief description of your currency requirement and I look forward to hearing from you.
Tom Holian email@example.com