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Pound dented by dovish Bank of England (BoE) outlook

Currencies DirectStaying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…

Latest currency news

GBP exchange rates have fluctuated throughout the second part of last month, as coronavirus continues to create volatility.
GBP/EUR wavered between highs of €1.17 and lows of €1.16, and EUR/GBP has ranged from £0.85 to £0.86.
GBP/USD slipped from $1.42 to $1.39, bouncing off a low of $1.38, while EUR/USD has also dropped three cents, from $1.22 to $1.19.

What’s been happening?

The pound fluctuated in the second half of last month, with the delayed ending of lockdown and dovish Bank of England (BoE) comments offset by a strong UK economic recovery.
Likewise, the Euro has traded in a wide range as coronavirus uncertainty undermines an optimistic economic outlook.
On the other hand, the US dollar has held onto most of the gains it made from the US Federal Reserve’s more hawkish rate hike projections, which saw USD surge.

What do you need to look out for?

If the UK remains on track to end restrictions on 19 July, or perhaps even earlier, this could boost the Pound over the next two weeks.
The Eurozone’s latest inflation figures will be at the forefront of EUR investors’ minds, though any upside from the forecast rise in inflation will likely be capped by the European Central Bank’s (ECB) dovish tilt.
Meanwhile, USD investors will be focusing on the non-farm payrolls at the end of this week. With the US economy expected to have added 690,000 jobs this month, the US dollar could strengthen further.

At Currencies Direct we’re here to talk currency whenever you need us, so please get in touch if you want to know more about the latest news or how it could impact your currency transfers. Since 1996 we have helped more than 325,000 customers with their currency transfers, so why not give us a call on 00351 289 395 739 to find out more or alternatively visit the website on www.currenciesdirect.com/portugal and register to get regular updates on the currency markets.

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