Clé France

Currency Market Update - 22nd March 2023

Pound shaky ahead of rate decision

A couple of big events happening this week…

Later today, we have an interest rate decision in the US.

The Fed is expected to raise rates by 0.25%.

This will have consequences all around the world as many countries are forced to ‘follow the leader’ in order to keep their currencies stable.

On Thursday, it’s the Bank of England’s turn.

Normally UK interest rates decisions are well-flagged ahead of meetings, but this one is highly uncertain.

Markets have been pricing in a 44% chance of no change versus a 56% chance of a 0.25% increase.

Interestingly, the Pound has shown some weakness ahead of the meeting.

Warning: No change would be bad news for the Pound.

As for the Euro, most of the focus remains on the banking system.

The collapse of Credit Suisse has dented confidence in the Euro area.

So what next, what should you do?

Right now, it’s about trying to get that story off the front page. Nothing to see here folks etc.

Lots going on, as always.

If you have currency requirements and would like to discuss your situation, feel free to speak to a member of our team 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: 

Wednesday 22nd March 2023 at 10:00

£1.00 GBP = 1.1387 EURO

£1.00 GBP = 1.2284 USD

£1.00 GBP = 1.8350 AUD

£1.00 GBP = 1.9754 NZD

£1.00 GBP = 1.6834 CAD

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