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Pound Spikes – Time to BUY with the Pound? ( Andrew Bromley )
The Pound had an incredibly strong trading day yesterday, following a positive outlook towards the UK Economy by the Bank of England. The Monetary Policy Committee (MPC) indicated that they weren’t too concerned about the low levels of inflation and subsequent rise in UK goods prices. Two ‘MPC’ members also indicated that their decision was harder this month to vote against an Interest Hike, with those comments providing the boost up to the 1.40s! I personally feel that this level is a bit ‘false’ given how close we are to the election. It is now only two weeks until the UK votes on potentially the government for the next 5 years!
If you are buying a currency with Sterling I’d strongly consider buying now. It is also worthwhile noting that if you don’t have the full funds available for your purchase (for example a property purchase abroad) then there are still options available to you. Feel free to get in contact using the details below – I’d be more than happy to run you through the mechanics of ‘forward buying’.
Those with a Dollar exchange will have been surprised with rates pushing back in to the 1.50s. I personally feel that this level is worth taking advantage of if buying the Dollar, with 1.45 / 1.46 being the target for USD sellers. The ‘Greenback’ is reacting heavily to interest rate speculation, with moves of 3 cents on average in either direction. I would be surprised if rates were hiked in July however one cannot rule it out – my personal opinion will be for a September hike.
The final currency trading heavily is the South African Rand. Levels are at their peak of 18.40 and wouldn’t surprise me if we hit 18.50. Many buyers are taking advantage so ZAR buyers should seriously consider their position!
As mentioned above, should you have an exchange requirement (now or in the future), please feel free to get in touch. Either email me [email protected] or contact me directly 01494 787 478 (please quote this blog).
I look forward to hearing from you!
Andrew Bromley
Source: http://www.poundsterlingforecast.com/2015/04/23/pound-spikes-time-to-buy-with-the-pound-andrew-bromley/
Yes, if we want to make profits then Pound at the moment has perfect opportunity, hence we must be careful in trading well. I do long term trading and Pound at the moment is perfect for this. I am able to make great profits without having to even pay any commission for long term trades and that is all thanks to OctaFX broker and their lovely swap free option, it’s an outstanding facility and helps us a lot to get good results.