020 7898 0500After a couple days of gains, sterling slipped back yesterday as worries over the outcome of today’s Bank of England (BoE) meeting took hold. Will they cut interest rates or will they increase their programme of quantitative easing or will they do both or, perhaps, nothing at all?
The belief is the BoE will do both as they take decisive action to boost the UK economy following the vote to leave the EU which is viewed as a short term negative to economic growth. Logically, doing either one or both should weaken sterling but logic isn’t always being followed in these turbulent times and we could have the opposite happen and see sterling strengthen on the back of decisive action.
So we are in for an unpredictable day in the currency markets, so if you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
