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GBP/EUR, GBP/USD set to come under pressure tomorrow with UK economy under the microscope. (Dayle Littlejohn)
Tomorrow (Wednesday) we have a host of economic data to be released for the UK, which is set to have a significant impact on sterling exchange rates. At 9.30 average earnings, unemployment and claimant count rate are all set to be released followed by a press conference by Governor of the Bank of England Mark Carney.
Last Thursday Mark Carney’s dovish comments dented the Pound’s purchasing power as he implied an interest rate hike is out of question until 2017, sending ripples through the currency markets. If the trend continues and Carney talks down the Pound tomorrow we could see sterling exchange rates suffer throughout the remainder of the trading week.
GBP/EUR
Over the last month the Pound has made significant gains against the Euro as Mario Draghi has stated the ECB have the tools in place to increase the quantitative program to continue to stimulate the Eurozone economy. With the interbank/central level into the 1.40s I would strongly recommend anyone looking to buy Euros trading sooner rather than later would be wise.
GBP/USD
Janet Yellen, Chairwoman of the FED, has confirmed again last week that an interest rate hike is on the horizon for the US and could be as soon as December. Alongside Mark Carney’s dovish comments in relation to the UK interest rate hike GBP/USD exchange rates have plummeted to the lower 1.50s. The interest rate decision for the US in December is going to dictate to whether rates continue to plummet into the 1.40s or rise back towards the 1.60 mark. I personally think the US wont raise interest rates and GBP/USD will climb back towards the mid 1.50s by Christmas.
If you have an upcoming currency transfer and I have not covered the currency pair that you are looking to trade (GBP/USD, GBP/AUD, etc). Feel free to email me with the currency pair and your individual requirement (buying a property abroad, paying a company invoice etc) and I will personally respond to you with a forecast and the buying process. [email protected] Dayle Littlejohn.
Source: http://www.poundsterlingforecast.com/2015/11/10/gbpeur-gbpusd-set-to-come-under-pressure-tomorrow-with-uk-economy-under-the-microscope-dayle-littlejohn/
