Today is a fairly quiet day in the data markets for the pound, as most of the focus will fall on tomorrow’s Bank of England meeting, where the base interest rate will be discussed and voted on by the Monetary Policy Committee. The rates are expected to hold at 0.10% with all nine member of the committee expected to hold over voting to cut or raise – any wide scale deviation from expectation on this could cause volatility in GBP markets. Luckily for the pound, the Government’s excellent vaccination numbers are keeping the economy moving in the right direction, with regards to getting restrictions lifted and shops open again.
As mentioned before, keeping the narrative of negative interest rates out of the headlines is paramount for sterling’s chances to push on in 2021, continuing good news on vaccines and falling cases numbers will certain make the Bank of England’s life easier – but a good summer free of lockdown and outbreaks will be key to continuing pound strength beyond Q1.
Have a great day.
Joshua Haden-Jones, Senior Relationship Manager.
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.
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