Bank of England interest rate decision today – Important day for GBP/EUR exchange rates

As we progress through a fairly volatile week in the financial world, we have an interesting day ahead for those clients looking to buy or sell Sterling as we have the release of the Bank of England interest rate decision, the BOE minutes from the meeting, quarterly inflation report and the monetary policy summary, All of these are due out at midday.

These are highly important for a number of reasons, although there is very little chance of any change in interest rates today, there may be a hint as to when we may expect to see a change in the future. Reuters have suggested this morning that they feel that the Bank of England may be looking to raise rates in the near future due to better than expected growth figures, outpacing forecasts in the build up to Brexit.

Any hint of a closer rate hike than had been expected may give the Pound a lift this afternoon. An interest rate hike is generally seen as positive for a currency and a cut in interest rates is seen as negative, and even the mere speculation of interest rate movement can move the market quite considerably. As an example, bank in November when the BOE actually moved to raise rates we saw a 1.5% rise for Sterling against the Euro which would achieve €3,400 more on a £200,000 exchange into Euros.

If you have a pending exchange to make and you are in the position to move then it may be prudent to make us aware here so that we can keep you fully up to date with the action and highlight any potential opportunities that may arise.

Not only do we offer up to date market information for our readers but we can actually help you with any currency exchanges too, with top foreign exchange rates and a smooth and efficient service too. Feel free to contact me (Daniel Wright) directly on djw@currencies.co.uk and I will be more than happy to help you personally or to get you a live quote.

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk