Today we continue to see the weakening in the Pound which is great news for anyone considering exchanging Euros for the Pound. As per our previous comments this weakness could well continue. As ever we are on hand to discuss minute by minute the potential price action and upcoming news events.
The same can be said about the GBP/USD rate also where the next level of support is still a little way off. Risk off still appears to be the order of the day as traders return to the perceived safe haven of the Greenback. This was also backed up by the FOMC meeting minutes yesterday at 6pm that indicated the FED may start tapering off it’s bond purchasing currently standing at $120 billion per month. The program was initially instigated to mitigate outfall from the pandemic. This has certainly had a positive effect on the Dollar.
Looking ahead there’s a good mix of global data to come out. First is the Philadelphia FED Manufacturing Survey in the States followed by China’s interest rate decision in the early hours of the morning and culminating in UK Retail Sales and Public Sector Net Borrowing at early breakfast.
Maybe we will continue to see the slide of the Pound versus the majors although we will keep you abreast of changes.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
US: 12:30 Philadelphia FED Manufacturing Survey
CHN: 01:30 Interest Rate Decision
UK: 06:00 Retail Sales and Public Sector Net Borrowing