Top Currency NewsOctober 26, 2015 4:31 pm
Last week, the UK retail sales data came out showing the quantity of goods brought during the month of September had increased by 1.9%. The UK is also predicted to have a bigger than expected rise of sales in the Christmas season this year, boosting the economy.
GBP has strengthened off the back of this new data so if you are holding GBP, now would be a good time to take advantage of the hikes in exchange rate and transfer your currency. If you don’t need to make a payment quite yet but would like to secure today’s exchange rate, you can book a Forward. This means your rate will be secure for the next 12 months to use whenever you need to transfer currency abroad and you will not be subject to market fluctuations.
The EUR weakened last week against the GBP, mainly due to the new UK data release around improved retail sales. The likelihood of the EUR falling again to equal the USD has heightened after the European Central Bank gave information on possibly extending their bond-buying program in 2016. This will cause increased volatility between the major currencies over the next few weeks.
US debt has increased in recent years causing republicans to ask for larger spending cuts or entitlement reforms to the debt limit increase. If the US government defaults on any loans owed, this could have a huge effect on the value of the Dollar.
It will be become very weak, so securing your rate for next year wouldn’t be a bad idea. The deadline for payment is 2 weeks away for the federal government, if they do default on a payment, this could be the first time in U.S history.sell gbp, uk retail sales data
Categorised in: News
This post was written by Kayleigh Driscoll