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U.K Growth figures to be key for Sterling exchange rates tomorrow (Daniel Wright)
Tomorrow (Tuesday) morning at 09:30am we see the release of growth figures for the U.K and they should really set the scene for the rest of the day for Sterling exchange rates.
The Pound had a fairly flat day against all major currencies as the market had very little economic data to feed off, however I would expect this to be slightly different in trading tomorrow.
Expectations are for a slight drop off for quarter on quarter growth to 0.6% but for year on year figures to remain at 2.4%. The key thing to look out for however is if the market release comes out any different than analysts have predicted. Currency market move on speculation as well as fact so you will tend to find that in advance of a data release the market prices in expectations.
More often than not, analysts predictions are slightly out and this can lead to a spike or drop in the value of a currency.
With Retail Sales figures being fairly strong but recent services and construction data leading to a mixed bag for the U.K we may well see a slightly different figure tomorrow morning and Sterling may either strengthen or drop off within seconds of the figure coming out.
If you are in the position where you may need to buy foreign currency with Sterling or to sell another currency to buy Pounds then it is extremely important that you have an experienced and proactive currency broker on your side.
If you are in this position and you would like assistance both with the timing of your exchange, whilst getting top level market rates when you do decide to book it then it makes sense to get in touch with us directly. You can either fill in the form on the right hand side of this page or you can email me (Daniel Wright) directly on [email protected] and I will be more than happy to contact you personally.
Source: http://www.poundsterlingforecast.com/2015/10/26/u-k-growth-figures-to-be-key-for-sterling-exchange-rates-tomorrow/
It is definitely key, but we have to be very careful that we don’t touch things unless we are completely sure about it otherwise it can be seriously tough to handle things. I am doing Forex trading with OctaFX broker and there I get a lot of help with their daily market news and analysis setup, it is easy to follow and mostly leads to high level of profits for me which is why I simply love it and suggest it to all.