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Best rates on Euros and Dollars with three big data releases out for sterling exchange rates. (Ben Amrany)
Today could end up being quite an interesting day for sterling exchange rates with an interest rate decision out at midday followed by the asset purchase facility (QE), manufacturing data out at 9.30 and then this afternoon we have a GDP estimate for the month of April.
Looking at what may occur today I feel it is safe to state that we will not see the Bank of England raise interest rates. Where all sterling buyers and sellers should be cautious is with the QE decision. Due to the fact that the UK posted better than expected growth figures to avoid a triple dip recession last month I personally feel that the Bank will hold off from initiating any further QE this month. Having said that if they do unexpectedly pump more money into the economy then you may find that the pound will be under a lot of selling pressure and make your currency purchase more expensive if you are buying Euros or Dollars.
If you are looking at buying sterling with your Euros or Dollars then you may be wise to look at your options this morning. If no QE happens then the pound may start to slightly strengthen again. At the end of last week sterling was looking like it may break through the 1.19 level but could not get through this resistance level. Could today be the day where this happens.
If you are looking at buying Euros or Dollars I would see what happens this afternoon with the release of the growth (GDP) figures. After last month’s worries of falling back into a triple dip recession which was missed you may find that this afternoons data could give the pound a further boost. Do feel free to email me at [email protected] or call me in the office on 01494 787478 and ask for Ben Amrany to discuss your requirement and the options that are available to you. If you are concerned about what lays ahead for the pound we can help you minimise your risk to exchange rate fluctuations.
An overview of the pound in general has seen the currency gain quite significantly after the dreadful start to the year. Before the Cyprus event GBP/EUR was down at 1.13 and we hit a low of around 1.48 against the USD. Now the rates are hovering around 1.1825 versus the Euro and 1.5550 versus the US Dollar. The gains are much welcomed and if you feel that the pound is spiking and you are looking at capitalising in the near future let me know what your requirement is and I will look at helping you with your conversion by making you a significant saving on the rate of exchange over your high street bank.
My contact details are below should you want some assistance.
Thank you for reading.
Ben Amrany
Source: http://www.poundsterlingforecast.com/2013/05/09/best-rates-on-euros-and-dollars-with-3-big-data-releases-out-for-sterling-exchange-rates-ben-amrany/
