The Bank of England are due to meet at midday tomorrow to announce their latest interest rate decision.
The expectation is that we’ll see an interest rate hike of 0.25% which will be the first rate hike in a decade.
The central bank have been seemingly backed into a corner as with UK inflation hitting 3% this is one of their main responsibilities and I think they have been left with little choice but to raise rates tomorrow.
However, although interest rates are likely to go up tomorrow the real movement could come when BoE governor Mark Carney takes centre stage at 1230pm.
He has suggested a number of times in recent weeks that any rate hike will be ‘limited and gradual’ so I think his tone may be slightly dovish and this could potentially cause a wobble for Sterling Euro exchange rates.
Overall I think Sterling’s future will continue to be dominated by what happens with the ongoing Brexit talks so even if we do see some gains for the Pound tomorrow the gains could be relatively short term.
Therefore, if you’re in the process of buying a Euros with Pounds it will certainly be worth keeping a close eye out on what happens tomorrow. For a free quote call me directly on 01494787478 and ask for Tom Holian when calling.
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 I can.