The pound has started the week well against the euro and GBPEUR exchange rates have risen back above 1.14, and I therefore believe this is a fantastic opportunity to buy euros, as the Bank of England’s interest rate decision could put substantial pressure on the pound.
Last months UK economic data in the form of retail sales, inflation and GDP all dropped significantly and forecasters that were predicting that there was an 85% chance of a rate hike are now only predicting 20%.
My personal opinion is that the chances of a hike now are extremely unlikely due to recent economic data releases but also the recent Brexit developments. The Governor of the Bank of England Mark Carney has already made it clear that Brexit developments will influence monetary policy.
With the House of Lords continuing to scrutinize the Governments plans and only yesterday stated the UK should remain part of the single market, the UK Prime Minister Theresa May has a problem on her hands.
In other news President of the European Central Bank Mario Draghi will deliver a speech on Friday at 1.15pm and as always investors will watch closely for any hints to whether the QE program will be coming to an end at the end of the year. Time is running out for the President and he will want to give the markets as much time as possible to prepare. This story could have a major influence on euro exchange rates.
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade GBPEUR / EURGBP at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company firstname.lastname@example.org. Dayle Littlejohn.
If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands!