There were wild swings in the exchange rates yesterday, with sterling gaining and losing 0.5 to 1% against the euro and US dollar during a three hour session yesterday afternoon.
This week the pound hit a six-month high against the dollar, but it’s been harder work against the euro. Mondays are a particular danger area for sterling, with significant drops two days ago, last Monday and several other Mondays this autumn.
Another one could be coming up, with the latest GDP figures from the Office for National Statistics at 7am on Monday. Next week is one to be wary of if you have a major purchase upcoming. As well as GDP, there is unemployment and inflation, leading up to the interest rate decision on Thursday. There are also interest rate decisions in the EU and US too.
Where the exchange rate ends the year before the Christmas break could set the pattern for the early part of 2023, so to lock in today’s rate do call your trader on 020 7898 0541.
There have been some interesting data releases this week – not all bad. High street sales were revealed to have risen in November – far more than expected – however, house prices have dropped by 2.3% just in the past month according to the Halifax.
Very much on the minus side, the BBC has produced a special Gantt chart to show when strikes are happening. The good news is that so long as you don’t want to go anywhere, post anything, learn much and can avoid getting seriously ill you should be fine.
It’s not just in the UK – French doctors and rail workers are also on strike this week – but if this looks like a Christmas for staying at home and planning for a better 2023, our traders can help you. We work every day over Christmas apart from Bank Holidays. So do get in touch to get your currency sorted for 2023.
