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Will the pound fall or rise next week?
Next week could be a very challenging time for sterling exchange rates! We will enter the month of April, the month before the UK’s General election. This event is widely predicted to cause GBP losses and anyone buying or selling the pound should really take stock of the excellent improvements in their favour this year.
The pound has struggled in recent weeks as the prospect of raising interest rates by the Bank of England moves out further. Lower Inflation has meant there is less need to raise interest rates and comments by Andy Haldane, a member of the Bank of England’s Monetary Policy Committee that interest rates may need to fall rather than raise did little for confidence this week. Hence the reason GBP rates fell this week.
Mark Carney turned the coin over with comments an interest rate hike was in fact more likely, hence GBP strength today. Such volatility underlining the sensitivity markets can have to comments and economic data. On the whole the pound is up at multi year highs against the Euro, Canadian dollar, New Zealand dollar, Australian dollar and the Rand. The only currency the pound is struggling against is the US dollar!
All in all the exchange rate is likely to fall next month at some point owing to the uncertainty of the election. This will impact both buyers and sellers of the pound so making plans in advance is in my opinion sensible. For more information on all of your options please contact me Jonathan directly on [email protected]
Source: http://www.poundsterlingforecast.com/2015/03/27/will-the-pound-fall-or-rise-next-week/
