ChamberFX Weekly Brief
Keep up-to-date on foreign exchange developments and news with our ChamberFX weekly briefs and monthly newsletters. These valuable insights are provided by Damon Ellam, International Payments UK, MoneyCorp. Damon is our regional representative and will be providing useful monthly FX forecasts to help chamber members with their currency strategies.
MARCH 2025
Welcome to my March newsletter. I hope you find it useful and informative.
Following the German federal election results last week and the safe haven flows moving away from the euro, GBP/EUR remains in the “buy zone” going into March. The European Central Bank is expected to cut interest rates on Thursday 6th March, but this will largely be priced into the current market so flows could return to the euro after the meeting and knock GBP/EUR of its high perch.
This month also sees the Federal Reserve meet on Wednesday 19th and the Bank of England on Thursday 20th March, although neither are expected to cut interest rates, as well as the UK government’s Spring Budget on Wednesday 26th March. While we don’t expect this Budget to be as significant as the Autumn Budget last year, we all hope to see further measures announced to support UK businesses through these tough economic times.
The pound has continued its positive run recently against USD and many other major currencies, which will be helpful in the short-term for many importers of goods & services. However, as we saw in October to December 2024 with GBP/USD going from 1.34 to 1.22, planning ahead and utilising an FX hedging strategy when times are good allows businesses to reduce the effects of short-term negative FX market shocks. Please do touch base with me if you have any questions on how this could be implemented for your business.
If you’d like to discuss strategies for your business or need insights on navigating the upcoming risk events, feel free to reach out. Additionally, if you know other businesses who could benefit from Moneycorp’s services, we’d love it if you could refer them to us.
Have a great month ahead!
Thanks,
Damon"
Weekly FX Briefs
Contact
For further information and advice on Hull & Humber's ChamberFX, or for assistance with your currency strategy, please click here or contact Lorraine Holt at l.holt@hull-humber-chamber.co.uk or call 01482 324976.
Service delivered by Hull & Humber Chamber of Commerce in partnership with TTT Moneycorp Limited.
TTT Moneycorp Limited is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
