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Pound Sterling Forecast – This week’s economic data (Daniel Wright)
Sterling exchange rates have managed a slight lift to start the week off on a positive note for anyone looking to buy foreign currency with the Pound.
I have mentioned to many of my clients lately that this is an extremely difficult market to predict and almost impossible to guess what is coming next, mainly due to there being so much going on around the world and in the U.K regarding politics.
Usually we can look at upcoming economic data and have a fair idea as to how this may impact the Pound looking at what has also been released, but with Donald Trump’s Twitter account having a larger impact than solid U.K growth figures it really does not make life easy if you are in the process of buying a property overseas or if you are bringing foreign currency back into Sterling.
We do however have some key market data due out tomorrow morning at 09:30 am. A flurry of inflation data for the U.K is due out at this time, followed by some Gross Domestic Product (growth) figures from Europe at 10:00am.
Inflation data can have an impact on the Bank of England’s attitude towards interest rate changes and if inflation is coming up rather rapidly then this may start to turn the head of the BOE.
An interest rate hike is generally seen as positive for the currency concerned and a rate cut can be seen as negative so even the slightest hint of a rate hike can give Sterling strength.
We have a fairly quiet few days following this for U.K economic data but unless we hear any more political issues popping up then the main focus will be on Retail Sales figures on Friday.
Personally I feel that the Pound will have a good week but there are plenty of banana skins out there that you need to be cautious of. If you are looking to carry out an exchange involving buying or selling the Pound and you would like to make sure you maximise your money then it is key that you get in contact with me personally. Not only can I help you with the timing of the transaction but also the rates that the company I work for can offer are rarely beaten.
Feel free to contact me (Daniel Wright) on [email protected] with a brief description of what you are looking to do and I will be more than happy to get in contact with you personally to discuss the various options available to you.
Source: http://www.poundsterlingforecast.com/2017/02/13/pound-sterling-forecast-this-weeks-economic-data-daniel-wright/
