The Pound has hit its best rate to buy Euros since early July after the Bank of England suggested that they may be looking at raising interest rates sooner than the market expects.
Only earlier this week the expectation was for the next interest rate hike to come in 2019 but with Thursday’s announcement at 7-2 in favour of keeping rates on hold there appears to still be some appetite for a rate hike.
Bank of England governor Mark Carney came out to suggest that the central bank may be getting ready to raise interest rates in order to combat high inflation and that the Bank of England is positive about both current UK economic growth as well as UK unemployment.
Next week on Friday Prime Minister Theresa May will be in Florence to set out her vision of post-Brexit Britain in which she will talk about the UK ‘leaving the EU but not leaving Europe.
Therefore, we could see a very busy end to next week for Sterling exchange rates so if you’re concerned about what may happen to GBPEUR rates then it may be worth getting something organised prior to Friday as the markets could be very different depending on what she says.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.