Pound drops sharply on rate cut

The Pound has copped a bit of a hammering this week…

The rate cut by the Bank of England was the culprit.

It was the first cut in 4 years.

Note – lower interest rates tend to weaken a currency.

Financial markets are predicting there is a 75% chance the Bank of England will cut rates again in November.

But that might be all that happens for a while. The Bank of England is still very cautious – inflation is a tough beast to tame.

The Bank’s own documents show they expect interest rates to still be up at 3.5% in 3 years’ time.

And there are plenty of signs the UK economy is gathering a bit of speed – which could fuel inflation and prevent more cuts.

For now, the Pound has to take it on the chin. It was coming, it was just a case of when.

Interest rates decisions are likely to be a key driver of exchange rates for the remainder of 2024.

The US could be next to cut – they’ve dropped plenty of hints.

And the EU is expected to cut again in September.

It’s why it’s always important to keep up-to-date with the latest news and events.

So what next, what should you do?

Get ahead of the game and read our Guide to Foreign Currency Exchange.

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Current rates: 

Wednesday 7th August 2024 at 10:00

£1.00 GBP = 1.1635 EURO

£1.00 GBP = 1.2700 USD

£1.00 GBP = 1.9370 AUD

£1.00 GBP = 2.1120 NZD

£1.00 GBP = 1.7470 CAD

£1.00 GBP = 1.0910 CHF

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