Predicting currency exchange rates
It has been a very mixed day for sterling exchange rates against a host of major currencies. While sterling has been strengthening to fresh highs against the riskier currencies (THREE AND A HALF YEAR HIGH AGAINST THE EURO, 2.0567 AGAINST THE KIWI DOLLAR, 1.6049 AGAINST THE AUSSIE DOLLAR, 12.9315 AGAINST THE RAND) it has weakened against some of the safer haven currencies(1.6066 AGAINST THE US DOLLAR, 1.4895 AGAINST THE SWISS FRANC)
Now for the pound, economic data seems to be making very little difference to how the exchange rate performs. Late last night retail sales data showed a decline over the course of the year. This had little effect on the excellent gains the pound has recently made. Most clients that have an imminent exchange are though capitalising on the improvement for sterling especially as we have another big announcement by the Bank of England tomorrow. We are not expecting much out of the interest rate decision but we must always be wary of the dreaded QE scenario. If more than 50% of the members do vote in favour of QE then sterling could weaken slightly. You may not want to take this risk with the excellent rates compared to a month ago and you are more than welcome to contact me at firstname.lastname@example.org before the decision so we can help you make a saving over your high street bank or any other broker that you may have used in the past. Just ask for Ben and I will make sure that I answer your enquiry as quickly as possible.
Source: Pound Sterling Forecast
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