The pound’s downward spiral continued yesterday and is currently 0.3% and 2.15% worse off against the euro and US dollar, respectively, since Monday.
However, the Bank of England’s (BoE’s) interest rate decision at midday today could change it all. For anyone looking to return to the UK, you can lock in the favourable exchange rate with a forward contract. Simply call your trader today on 020 7898 0541.
BoE policymakers are forecast to raise interest rates by 25 basis points, easing slightly from last month’s 50 basis-point rise. This decision, should it match market expectations, would take the rate to 5.25%.
Bosses behind the UK’s multibillion-pound clean energy rollout gathered in Downing Street yesterday to discuss the government’s plan to boost green economic growth.
Prime minister, Rishi Sunak signalled he may not achieve goals on NHS waiting lists and inflation, two of the PM’s five priorities. He later blamed his failing efforts to reduce waiting lists on striking workers.
Sunak said, “I would say to them I’m very grateful and respectful of the incredible job you do, but we all have a shared mission to bring the waiting lists down.”
In Spain, unemployment levels dropped 0.4% to 2.68 million in July, close to a 15-year low.
Following international credit agency, Fitch’s decision to lower the US credit rating from AAA to AA+, American stocks were sharply lower on Wednesday.
US economists were digesting a stronger-than-expected ADP figure, which revealed private businesses in the US added 324,000 jobs in July, surpassing market forecasts of 189,000.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
