Is the Pound set for a summer seesaw?
As always, plenty happening in the currency markets.
Last week the Bank of England raised rates for the 14th time in a row.
But here’s the interesting bit: the members were split 3 ways on the vote.
It’s another sign we could be near the top.
Investors seem wary of this too with the Pound dropping after the meeting.
Take note - there is potential for a lot more Sterling selling if there is a shift in Bank of England expectations.
I suspect the Bank of England is confused. They know they’ve inflicted a lot of pain but suspect it’s not yet filtered through to the economy.
That seems evident given the UK’s low unemployment and healthy mortgage approvals. But they don’t want to break the economy, so it’s likely they will have to pause soon.
If that’s the case, what will drive Pound exchange rates next?
It could be we face range-bound trading over the coming weeks and months.
Look on the bright side, that will give opportunities to buyers and sellers.
So what next, what should you do?
Make sure you keep in touch as we are always on the look-out for favourable moves.
To speak to a member of our team, call us on 01872 487 500.
To find out the latest money transfer rates, click below.
Benefits of using Key Currency:
- Great exchange rates
- Quick and easy transfers
- No transfer fees
- Expert help and guidance
- Authorised by the FCA
Current rates:
Wednesday 9th August 2023 at 10:15
£1.00 GBP = 1.1612 EURO
£1.00 GBP = 1.2754 USD
£1.00 GBP = 1.9449 AUD
£1.00 GBP = 2.0980 NZD
£1.00 GBP = 1.7103 CAD
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Want to Learn More?
- We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
-
Want to Live in France Post-Brexit? download our "PDF Guide to Living in France Post-Brexit" document.
-
Need to Send Money Abroad?
- At Clé France / Key Currency, many of our customers have a need for currency exchange.
- We are pleased to offer our customers favourable exchange rates on international currency transfers.
- As a Clé France website visitor, you qualify for preferential exchange rates when you transact through Key Currency.
How to Save Money on your foreign currency transfers
- Key Currency can save you money by offering more competitive rates of exchange than your bank.
- Clients can typically save you 3-4% of the total transaction value, which can result in significant cost savings.
- All client funds are held in segregated accounts with top-tier banks keeping your money safe and secure.
For everything you need to know about French property visit www.clefrance.co.uk
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Pound plunges on inflation news
UK inflation has come in lower than expected.
As you would expect, the Pound has taken a beating across the board.
A lot of the Pound’s strength in 2023 has come from interest rates hikes. Even more were expected.
But that, of course, depends on inflation.
If UK inflation falls, the Bank of England will hit pause (they’ve already raised rates 13 times).
More recently, we’ve found the European Central Bank has been more hawkish than the Bank of England.
It makes sense – the UK base rate is 5% vs 3.5% in the EU.
They’ve got some catching up to do.
What that means is the Euro could outperform the Pound over the coming months.
The picture is less clear with the US Dollar because there’s already talk of rate cuts in the US.
So what next, what should you do?
As always, plenty of ups and downs in currency markets.
If you have an upcoming requirement, please do get in touch to discuss the latest trends.
Call us on 01872 487 500 to speak to a member of our team.
To find out the latest exchange rates, click below.
Benefits of using Key Currency:
- Great exchange rates
- Quick and easy transfers
- No transfer fees
- Expert help and guidance
- Authorised by the FCA
Current rates:
Wednesday 19th July 2023 at 10:30
£1.00 GBP = 1.1524 EURO
£1.00 GBP = 1.2950 USD
£1.00 GBP = 1.9117 AUD
£1.00 GBP = 2.0720 NZD
£1.00 GBP = 1.7056 CAD
-
Want to Learn More?
- We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
-
Want to Live in France Post-Brexit? download our "PDF Guide to Living in France Post-Brexit" document.
-
Need to Send Money Abroad?
- At Clé France / Key Currency, many of our customers have a need for currency exchange.
- We are pleased to offer our customers favourable exchange rates on international currency transfers.
- As a Clé France website visitor, you qualify for preferential exchange rates when you transact through Key Currency.
How to Save Money on your foreign currency transfers
- Key Currency can save you money by offering more competitive rates of exchange than your bank.
- Clients can typically save you 3-4% of the total transaction value, which can result in significant cost savings.
- All client funds are held in segregated accounts with top-tier banks keeping your money safe and secure.
For everything you need to know about French property visit www.clefrance.co.uk
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