Market focus likely shifts back over to Brexit
8 November, 2017
It’s not unusual after a big market event (last Thursday’s Bank of England Interest rate rise) for the market to take a few days to settle. We saw the rates drop off as the result to raise interest rates to 0.50% was announced – the had rate dropped as markets had fully priced in the expectation of a rate rise, loosing over two cents against the euro and a cent against USD, but since then we have seen the pound regain some strength back.
No Major Market Moving Events Today
With no major market moving events due in the pipeline the focus will likely shift back over to Brexit talks and we could well see the current rates trade in a sideways range over the coming days until the market experiences a breakout which could go either way in term of the rates pushing higher or taking another dip. The current rates particularly for Sterling-Euro are not too far off from the peaks we saw pre interest rate rise so still a good time to secure your transfers.
Our forward contracts allow you to forward fix your rate with just a 10% deposit, while our limit orders allow you to place your target rate into the market and should the market move high enough to achieve that rate your currency will automatically be bought for you. – both very hand ways to help you secure your currency requirements. If you do have a requirement over the coming weeks or months, then do get in touch with us here at Currency Index, to discuss your options.
Today’s release to note
Today is a particularity quiet day in the way of data releases. This morning the European Central Bank held their non-monetary policy meeting which tends to be overlooked by the currency market. No data out until after lunch where we have Canada House starts figures at 13:15 followed by Crude Oil stocks data out for the U.S at 15:30. This evening the Reserve Bank of New Zealand are due to release their latest interest rate decision which is expected to remain unchanged and hold firm at 1.75%. Any change to this expectation could cause some movement, so if you are sending money to New Zealand this will be one to watch.
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