Always a good idea to have a plan in place

Pound drifts down ahead of Bank of England news

The Pound has given up some of its recent gains over the last week.

Looks more like a lack of positive catalysts than anything specific.

A bit quiet this week in terms of Pound related news.

A couple of members of the Bank of England have speeches booked in over the coming days.

Traders will be looking for clues on the current state of thinking from the wise owls of Threadneedle Street.

As a heads up, markets are currently pricing in a 90+% chance of a 25 basis point hike from the Bank of England at its next meeting on the 21st September. While still 3 weeks away it should limit any Pound losses.

There can’t be too many more rate hikes to come, surely? We’re at 14 and counting.

Meanwhile, some important data due out later this week which will impact GBP/EUR and GBP/USD.

In Europe, we have the latest inflation read and minutes from the last ECB meeting.

In the US, we also have inflation numbers and jobs data (non-farm payrolls).

So what next, what should you do?

Plenty of movement happening in exchange rates right now.

Always a good idea to have a plan in place (even if you break it).

To speak to a member of our team, call us on 01872 487 500.

To find out our latest exchange rates, click below.

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Current rates:

Wednesday 30th August 2023 at 10:00

£1.00 GBP = 1.1630 EURO

£1.00 GBP = 1.2638 USD

£1.00 GBP = 1.9564 AUD

£1.00 GBP = 2.1259 NZD

£1.00 GBP = 1.7143 CAD

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