A World of International Payments

Achieving more for your money

Open an account

02/11/2023 – Exchange Rates

The Federal Reserve opted to keep Interest Rates at current levels last night, which is a 22-year high as expected. The Central Bank’s Chair Jerome Powell struck a less hawkish tone than the markets were expecting but did leave the door open for one more possible hike. Keeping rates higher for longer seems to be the focus for The Federal Reserve after a few good months of strong economic data is showing signs that inflation is gradually moving towards its target. According to Jerome Powell, there’s still a way to go to bring inflation down to the 2% target, but with inflation still running at 3.7% it may lead to The Central Bank delaying potential Rate Cuts next year.

Focus will now turn to Non-Farm Payroll data in The U.S tomorrow. Any signs of a cooling jobs market will give The Federal Reserve more reason to potentially keep rates at their current levels. Geopolitical events such as The War in The Middle East is also on the Federal Reserve’s minds given the economic risks posed globally.

Keeping with Interest Rates, The Bank of England have their decision later today at Midday. According to Analysts, Pound Sterling is due to win back some ground against The EUR as it looks like The Bank of England has little choice but to warn that interest rates cannot come down for many months, increasing market expectations that the first rate cut by The Central Bank will only come in September of 2024. UK’s September inflation came out at 6.7% Year-On-Year which was above market estimates, mainly as a result of rising fuel prices, comparted to higher inflation figures in The EU, with Euro-Zone CPI Inflation dropping to 2.9% last month.

In summary, I expect the next 24 hours or so to be fairly volatile for GBP with the possible scenario’s from The Bank of England later today and of course as mentioned The Non-Farm Payroll release from The U.S which will no doubt impact The Federal Reserve’s thinking for their next rate decision.

GBP/EUR 1.1455 GBP/USD 1.2184 GBP/AED 4.4753
GBP/AUD 1.8911 GBP/CHF 1.0994 GBP/CAD 1.6828
GBP/NZD 2.0541 EUR/USD 1.0622 GBP/ZAR 22.298

Our Locations

Currencies 4 You operates in a number of locations, speak to your local representative for the best solutions for you.

We help our clients achieve more by providing competitive rates on their international transfers in over 140 currencies.

Service Links

Company Links

Subscribe

Join our newsletter for regular news and updates on the state of the currency market and the best time to trade

By subscribing you agree with our Privacy Policy and provide consent to recieve updates from our company.

© Currencies 4 You Limited 2024

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and for clients based in the United Kingdom and rest of the world, payment services for Currencies4you are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).For clients based in the European Economic Area, payment services for Currencies4you are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701). For clients based in the United States, payment services for Currencies4you are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York, NY 10011. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Payment services for Currencies 4 You Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB). Licence No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951. Currencies 4 you’s payment and foreign currency exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners. Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, regulated by HM Revenue & Customs (“HMRC”) under the Money Laundering Regulations 2017. (Registration number is 12137189). Registered in England and Wales. Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP.