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.

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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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