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Huge Movements for Sterling Exchange Rates this week (Tom Holian)

Friday, November 6, 2015 10:04
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(Before It's News)

Sterling exchange rates have seen two huge days of volatility this week both yesterday and today which has seen Sterling Euro exchange rates move by as much as 4 cents during this period.

The volatility started not long after the publication of the Quarterly Inflation Report and the following press conference held on Thursday afternoon.

The Bank of England governor Mark Carney has now stated that UK interest rates are unlikely to be increased until earliest Spring 2017 which saw the Pound suffer huge losses against both the Euro and the US Dollar.

However, news this afternoon published in the US showed a huge improvement for the jobs market as 271,000 new jobs were created in October.

This positive news for the US will now provide support to the Federal Reserve to raise interest rates as they have consistently stated that interest rates will rise but only data dependent.

This has seen a 1% improvement for the US Dollar vs Sterling exchange rates since the release and I expect GBPUSD rates to drop below 1.50 during the early part of the week.

The good news for Euro buyers is that as the Euro has weakened so much this has pushed the mid-market for GBPEUR back above 1.40 after slipping into the 1.38 levels seen earlier this afternoon.

If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]



Source: http://www.poundsterlingforecast.com/2015/11/06/huge-movements-for-sterling-exchange-rates-this-week-tom-holian/

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