Yesterday saw a promising data release in the form of the service industry’s Purchasing Managers’ Index (PMI) report, which presented better-than-expected figures despite the adverse weather in February. This helped boost sterling’s strength, which improved against all major trade partners yesterday. A push against the euro above the 1.218 mark, for the first time since February, was aided by fear that economic sanctions against Russia may have a significant effect on trade within the Eurozone, which weakened the euro.
Today sees a decision from the Bank of England (BoE) on both interest rates going forward and the level at which the BoE will continue buying government bonds. These figures are not forecast to change; however, attention will be drawn to the accompanying statement which may provide clues as to the central bank’s future direction.
Thinking of buying or selling sterling? Contact your trader now for the latest rates and updates, and for guidance on best-fit currency-buying solutions.