Market insights

Massive Day For The Pound

Today sees the Bank of England release its interest rate decision.

With annual inflation at 2.6% growth it looks nailed on for the rate to be kept at 4.75%.

This is counter to most major central banks such as the FED who cut the US rate 25 points to 4.5% last night.

The FED move and report saw the Pound tumble versus the Dollar in later trading last night.

Midday could be big for the Pound.

If a surprise cut (not expected) comes in then there could be fireworks.

Maybe the Monetary Policy Committee vote count could be the mover.

Analysts are expecting 8 members to vote for no change and 1 member to vote for a cut. Anything outside of that could have repercussions.

That's not all for today, however. There's US GDP numbers out after lunch with quarterly growth of 2.8% expected.

First thing tomorrow there's UK retail sales numbers which have recently been somewhat underwhelming.

Business news covers UK water bills and the expectation for annual increases over the coming years to shore up some of the recent problems.

Get your free quote now

Economic calendar

UK: 12:00 BoE Interest Rate Decision

UK: 12:00 MPC Vote Count

UK: 12:00 MPC Monetary Policy Report

US: 13:30 Annualised Quarterly GDP Reading

UK: Friday 07:00 Retail Sales

As ever we look forward to keeping you in the loop and look out for our next update.

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Open a free account

It is free and easy
Register