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Sterling exchange rate movements today – Quiet week for economic data this week (Daniel Wright)
First and foremost our sincere condolences to anyone involved in the air crash today, always deeply saddening to hear such news.
Regarding currency, we have seen another fairly stable day for Sterling against the Euro and Dollar yet with fairly sharp drops against the Swiss Franc, Australian Dollar, Canadian Dollar, New Zealand Dollar and South African Rand.
We saw inflation figures out earlier this morning which immediately knocked the Pound as inflation dropped to a rather concerning 0% against market expectations of dropping down to 0.1%.
The inflation issue remains a concern for the Bank of England, along with the fact that Manufacturing figures at the start of the week showing the U.k manufacturing levels are really down.
This may be partially down to the fact that Sterling has been so strong against the Euro of late which has possibly led to European clients of U.K businesses seeking to buy their goods and services from elsewhere in Europe instead of from the U.K as Sterling is just so expensive for them.
With this in mind it is no surprise that the 1.40 level for GBP/EUR did not stick around for long and although there are many problems still within Europe I personally still do not see Sterling gaining significant ground against the Euro in the coming weeks, so if you have a pending requirement to buy Euros for your business or to purchase a property overseas then it may be prudent to look at making a purchase soon rather than potentially seeing another boat of opportunity sail away.
If you have the need to exchange any currency in the coming days, weeks or months then it is key to have a proactive and efficient currency broker on your side for it. The company we work for has won awards both for our exchange rates and customer service so even if you are already set up with a broker it may be well worth you getting in touch with me directly and should save you money.
You can email me (Daniel Wright) on [email protected] with a brief description of what you are looking to do and I will be more than happy to contact you personally. I look forward to hearing from you.
Source: http://www.poundsterlingforecast.com/2015/03/24/sterling-exchange-rate-movements-today-quiet-week-for-economic-data-this-week-daniel-wright/
