Weekly market headlines:
In this week’s update, we cover the key UK economic data releases that could impact GBP/EUR, GBP/USD, and other major currency pairs and what it could mean if you’re sending money abroad for property, pensions, or regular payments.
This week in the markets:
Last week, the Bank of England cut interest rates to their lowest level in two years. This means borrowing could get cheaper, but it also makes people wonder how strong the UK economy is right now.
- Tuesday: UK labour market data – will show average earnings, changes in employment, and the number of people claiming benefits. Earnings growth is expected to slow, and while fewer people may be claiming benefits, hiring intentions are at record lows, with only 57% of firms planning to recruit.
- Thursday: UK GDP data – will reveal whether the economy grew or shrank in recent months. Another monthly decline would confirm a Q2 contraction, which could weigh on the pound and affect exchange rates.
What this means for you?
Economic data can move exchange rates quickly. Even a 0.5% change in GBP/EUR could mean €600 more or less on a £100,000 transfer. Acting at the right time can help make your money go further.
If you’re planning a transfer this week, whether it’s a property payment, investment, or sending money to family speak to a Lumon currency specialist today. Call +44 (0)204 506 5672 to explore your options.
