The Pound to Euro exchange rate has remained flat during trading today, although some may have expected to see the Pound fall after the disappointing data released this morning.
There has been a drop in the rate of inflation in the UK unexpectedly, and although this is a good thing in regards to the cost of living declining, it’s not necessarily a good thing for the Pounds value in the current climate.
There had been hopes of an interest rate hike by the Bank of England earlier this month, but weak data mostly owing to the poor weather earlier in the year as well as a slowdown in the UK economy put a halt to this. There were still hopes of a rate hike later in the year but this morning’s data has lessened the chances of this happening which resulted in a drop of over half a cent immediately for the GBP/EUR rate.
With GBP/EUR sitting on 1.14 at the time of writing, I think there could be movement for the pair tomorrow when Retail Sales figures will be released.
With the poor weather, the ‘Beast from the East’ negatively impacting the sector earlier in the year along with the changing high street and the move towards online retail, I think this figure will be followed closely. You can register your interest with me if you wish to be updated in the event of a spike for the pair.
If you have a large 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 (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.