The pound is strong after the Bank of England’s monetary policy update, which was released this morning. By unanimous vote, the Bank kept interest rates on hold and left its quantitative easing programme unchanged. It expects the economy to decline by 9.5% in 2020, which is better than the forecasted 14% but still the biggest annual decline in 100 years.
Despite some fairly positive data releases yesterday, the dollar remains weak as Congress continue to debate their fiscal stimulus package. It’s hoped that Republicans and Democrats will be able to finalise the details this week.
The pound is stronger today, but its value could change swiftly and significantly. So make sure to protect your money from currency fluctuations. Lock in your exchange rate with a forward contract today, so your budget isn’t affected by uncertainty. Speak to your Personal Trader on 020 7898 0541 to get started.
