Will BoE Governor Bailey move markets again?

The calm before the storm or will BoE Governor Bailey move markets again?



GBP
The next couple of weeks ahead are HUGE for financial markets. The UK budget, the latest BoE interest rate decision and of course the US election are all major risk events for Sterling.

But before we report on those and what could happen in the build-up and on release, we have a potential volatile week ahead of us now..

Last week's inflation figure which wildly undershot expectations, may have forced the narrative for how the BoE is to play both November's and December's central bank meetings..

BoE Governor Bailey is due to speak multiple times this week (as are 2 other MPC members) and there could be multiple answers and/or multiple reactions to what he says on interest rates.

This is key to traders and investors who want to know what the bank could be planning before the event to position themselves correctly. Therefore, Sterling will be impacted and potentially by quite a bit depending on what was said and how it has been interpreted..

Elsewhere, the hope is that the UK PMI's can continue there fine form and either stabilize at current 'decent' levels or perhaps supersede just like the UK retail sales result last week, which will then provide GBP with a bump in value. 




EUR
The Euro also hangs in the balance with a switch of focus from its central bank from fighting inflation to now fighting weak economic growth. 'The economy is somewhat weaker than expected' were the carefully chosen words from ECB President Lagarde with the actual picture looking far worse.

Interest rates are at "restrictive levels' currently in the EU, meaning there is a willingness to move faster and further on interest rates if growth doesn't sharply pick up. This will keep the Euro pinned and subsequent rate cuts will see further devaluation in the currency.



USD
The Dollar has been busy making moves of late just in time for election season to really start ramping up. 1% has been gained in the last week across the board and over 2.5% overall in the last month.

The current mid-market rate of £-$1.30 is still favourable even though rates were almost 4-cents higher not too long ago. This is because of interest rate news and economic events elsewhere, plus what could and probably will happen if Donald Trump regains the Presidency..



Expected mid-market ranges for October 22nd 2024

gbp
GBP
usd
USD

    $1.2950 - $1.3025    


gbp
GBP
eur
EUR

    €1.1950 - €1.2025    

Upcoming Data
Monday 21st October 2024
N/A



Tuesday 22nd October 2024
14:25 UK - BoE Governor Bailey speech
15:00 EU - ECB President Lagarde speech


Wednesday 23rd October 2024
15:00 US - Existing home sales
15:00 EU - Euro-Zone consumer confidence
15:00 EU - ECB President Lagarde speech
21:30 UK - BoE Governor Bailey speech


Thursday 24th October 2024
08:15 EU - French PMI
08:30 EU - German PMI

09:00 EU - Euro-Zone PMI
09:30 UK - PMI
13:30 US - Building permits & initial/continuing jobless claims
14:00 UK - MPC members Mann & Woods speeches
14:45 US - PMI

15:00 US - New home sales
16:20 UK - BoE Governor Bailey speech
21:30 US - Fed balance sheet




Friday 25th October 2024
00:00 UK - Consumer confidence
07:45 EU - French consumer confidence
08:00 EU - Spanish unemployment rate
09:00 EU - Italian business & consumer confidence
13:30 US - Durable goods




open-account
Open an account
No credit checks are required and it takes just 2-minutes to register. It is free to set up, maintain and close and there is no-obligation to trade with us.

review
Check out our 5* Trustpilot reviews
Find out why we are the UK’s number 1 rated currency brokerage for overseas property buyers and sellers, from people just like you!

funds-safe
How we keep your funds safe
Let us answer and explain the most important question you should be thinking when considering using a company like us to transfer your money abroad.

choose-us
Why choose us?
Read what sets us apart in the industry, how we take a different approach to overseas payments & why we should be your choice.

Hedging
Hedging
A key component to our offering is risk management of your funds. Here we explain some important products you should be considering when moving a large sum abroad. 

How we can help
Since 2004, we have been helping customers move their money overseas safely, quickly and at a preferable rate of exchange. Whether your requirements are purchasing a dream property abroad or your business is paying suppliers for products, we can help.

We are the exclusive currency partner to many well established real estate agencies and solicitors worldwide and we consult a varied customer base who have large requirements for foreign exchange.
Our team of experienced currency consultants will save you an enormous amount of time and money, by getting to know you, your requirements and your risk appetite. Your dedicated account manager will be there to offer you expert guidance to ensure your money goes further.
Get in touch with us today for a personal service that you won't get anywhere else on 01322 221 121 or email us at info@excelcurrencies.com
Referral Rewards
Referrals are the lifeblood of our business. Good reviews are our metric for success. We are driven by making a difference in peoples lives when it comes to overseas payments and if you know anyone that could benefit from our service, please let us know here..
We have some great rewards to offer
Virgin
Virgin
wine
Wine
amazon-voucher
Amazon
golf
Golf
Refer now