Earlier today the Bank of England released their meeting minutes from 2 weeks ago. It confirmed the speculation that more members had voted for an interest rate hike in a cry to curbe inflation which is sitting twice as high as the government target. The concern stands that as commodaty prices raise along with fuel and food costs inflation will continue to climb.
The markest reacted possativly and the pound reached close to a 6 week where clients ready to trade securied their exchange. Now however the rates have falled back down as it was confirmed Andrew Sentence, one of the standing members that has been pushing for a raise, will be leaving the Monetry Policy Commette in the next few months. It affected the concesses of when the UK could raise rates.
If you are in a position ready to send money abroad and want to catch the peak, make sure you complete a comparision to make sure you achive the best price from the industry.