Last week was a good end for the pound against many of the major currencies spiking to 1.22 against the Euro and up to 2.04 against the NZD which was the highest rate since June 2012.

Today we have seen the pound fall against both of the above currencies after positive manufacturing data out of Germany with sterling back down to a low of 1.2045 against the Euro and     2.0080 against the Kiwi Dollar.

For those of you looking at selling the pound we may see a fall for sterlin over the course of this week should the data continue to be positive for the Euro zone and negative for the UK. The one thing that would concern me if you are buying the Euro, Kiwi Dollar or any of teh majors were comments by the Governor of the Bank of England. He stated they have to look at all factors of the economy and not just the unemployment rate before deciding when to look at hiking interest rates. Thsi gives them scope to choose when they wish to raise interest rates.

This week’s interest rate decision will now be closely watched by the markets to see how many members vote for an interest rate hike when the minutes are released two weeks later. If the Governor tries to talk down interest rates any further then you may find sterling dip lower. My prediction is that we won’t see a rate hike until 2015 so we may have a long time to go before we see real strength for the pound.

If you are looking at selling Euros to buy GBP then we may get a good window of opportunity to secure your funds this week if the market continues the trand seen today.