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31/10/2017 – This Morning’s Exchange Rates

The exchange rates are listed at the bottom of this article. Please note that the rates are for indication only. For live quotes please contact us via phone, email or SMS.

Sterling consolidated gains today as the market geared up for a rate rise from the Bank of England this week when investors will analyse the bank’s statement for the future direction of interest rates.

With continued Brexit uncertainty and a mixed bag of results for the British economy, the expected rate hike is likely to be a one-off move, analysts said, rather than the start of a fully-fledged tightening cycle.

If there is no hike – which is completely possible – the pound will be sold off, it would plummet.

The most likely scenario is a rate hike and it should have limited upside as this is priced in, especially if it’s a one-off scenario.

Sources we work close to are suggesting that the vote will be a 6-3 in favour of a rate hike.

The dollar slipped to an 11-day low today, with investors turning cautious after news that investigators probing Russian interference in last year’s U.S. elections had charged President Donald Trump’s former campaign manager.

Against a basket of major currencies, the dollar also slipped, having fallen from its highest in three months at the end of last week.

GBP/EUR 1.1335
GBP/USD 1.3191
GBP/AED 4.7480
GBP/AUD 1.7204
GBP/CAD 1.6943
GBP/CHF 1.3159
GBP/NZD 1.9288
EUR/USD 1.1623
GBP/ZAR 18.511

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