Another Slow Start to the Week
26 June, 2018
Not much in the way of eco data yesterday to push exchange rates one way or the other and we have seen the continuation of this sideways trading for most major currency pairings. It seems like the Pound won’t be moving all at much until we have some concrete news regarding Brexit.
Today could be another quiet day with very little out data wise to cause any big impact on the rates. Various speeches from MPC members for the UK and FOMC members this afternoon, followed by New Zealand’s Trade Balance and Imports/Exports figures due out late this evening. So not much to go on ahead of Bank of England Governor’s Mark Carey’s speech tomorrow morning. Last Thursday the Bank of England Monetary Policy members voted on an interest rest rate hike, resulting in one extra vote for a rate hike than anticipated – suggesting higher interest rates could be on the cards.
Markets will be listening intently to Mark Carney’s speech to see if he will offer any further comment on the current monetary policy. The Brexit Summit is also due to take place on Thursday and Friday. News reports are likely going to be following the event, with traders and investors listening out for any updates on the matter of Brexit negotiations, so if you have an upcoming requirement in the short term especially, get in touch with your account manager here at Currency Index to be kept informed on exchange rate movements.
Elsewhere in the world
Having experienced a dip in rates earlier in the month GBP-AUD rates have begun to pick up and has gained around 5 cents in just 3 weeks. So for those looking to buy property Down Under or just needing to make a regular transfer to top up your Australian Dollars now could be a good time to look at getting a rate secured. There is virtually no data out this week for Australia so rates are likely to move off-market sentiment – the events on Thursday and Friday could also impact rates – so one to keep an eye on.
GBP AED over the past few months has dropped. Not the best news for those looking to purchase Dirhams, however for those looking repatriate their Dirhams back to Sterling, these current levels are very favourable. So if you have got funds available and you are looking to move back some savings, why not make the most of the best AED-GBP rates seen in almost a year and get in touch with us here to lock in your transfers.
With ongoing Brexit negotiations, talks, summits, and news reports we are almost certainly going to see a continuation of the market led sentiment moving exchange rates. Uncertainty over a positive result for our exit of the European Union continues to have its effect on the exchange rates, and if you would rather not risk the increasing costs to your upcoming transfers then get in touch with our friendly brokers here at Currency Index to discuss the various options we provide to help you lock in an exchange to best suit you. If you would like to remove a headache and stress of watching the rates, then let us do that for you! We can update you on any big market swings and get in touch with you when your preferred rate becomes available. Drop us a call on 01923 725725 to speak to one of the team today.
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