It’s a pivotal time in currency markets.
Pound at risk of further falls this week
The central banks are itching to cut rates but want more proof that inflation is tamed.
Speaking of which, the latest UK inflation number is due out tomorrow and may fall below the 2% target.
For those requiring a stronger Pound Sterling, the news could cause a setback as the Bank of England could speed up the pace at which it lowers interest rates.
Bear in the mind, the Pound has been 2024's best performing major currency.
This is because the Bank of England has been slow to cut interest rates, having only cut once so far, in August.
At 5.0%, the UK’s base rate is the highest central bank policy rate in the G10.
Put simply, the Bank of England has the potential to cut aggressively, which would be expected to weaken the Pound.
As for Euro, the ECB has been quicker to act.
This Thursday, they may strike again.
Another 0.25% cut is expected but investors will be also listening for clues on future cuts.
The US Dollar is bucking the trend at the moment and showing strength.
Jobs data in the US has been surprisingly robust and inflation is stubborn.
It means the Fed may sit on their hands – which is boosting the Dollar.
Elsewhere in the market, we note some good gains for the Pound against AUD, CAD and NZD over the past week.
So what next, what should you do?
Get ahead of the game and read our Guide to Foreign Currency Exchange.
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If you have a currency requirement, please get in touch so we can discuss timing and rates.
You can speak to us on 01872 487 500.
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Current rates:
Wednesday 15th October 2024 at 11:00
£1.00 GBP = 1.1990 EURO
£1.00 GBP = 1.3080 USD
£1.00 GBP = 1.9475 AUD
£1.00 GBP = 2.1465 NZD
£1.00 GBP = 1.8060 CAD
£1.00 GBP = 1.1265 CHF
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- We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
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How to Save Money on your foreign currency transfers
- Key Currency can save you money by offering more competitive rates of exchange than your bank.
- Clients can typically save you 3-4% of the total transaction value, which can result in significant cost savings.
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