The Pound has given up some of its recent gains this week.

Interest rates are the main talking point.

Because the UK economy is looking more fragile than the EU and US, the Bank of England may hit the pause button first.

The market is pricing in a 93% chance of another 25 basis point rate rise in the UK at the meeting later this month.

But that could well mark the top.

Data out this Friday is expected to show the British economy was flat as a pancake in the 3 months to January.

It means the Bank of England can’t really afford to slam the brakes much more without causing a recession.

In contrast, the EU and US are both indicating quite a few rates rises are still to come. Like 4-5 more.

To be clear, interest rate hikes tend to strengthen a currency. So, the net effect of all this is bad for the Pound.

Just to throw a little curve ball into the mix…

The recent UK data has been making economists look rather silly.

I don’t want to jinx it… but things look to be improving.

Should that trend continue, the Pound may well stage a comeback.

We will be watching the data closely.

So what next, what should you do?

If you have a currency transfer on the horizon, make sure you keep in touch.

We can help you make the most of the market opportunities.

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

Or to find out the latest rates, click below.

Benefits of using Key Currency:

1. Great exchange rates
2. Quick and easy transfers
3. No transfer fees
4. Expert help and guidance
5. Authorised by the FCA

Current rates: 

Tuesday 7th March 2023 at 10:20

£1.00 GBP = 1.1260 EURO

£1.00 GBP = 1.2004 USD

£1.00 GBP = 1.7985 AUD

£1.00 GBP = 1.9668 NZD

£1.00 GBP = 1.6360 CAD

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