When it comes to navigating the complex world of foreign exchange and international payments, knowledge is your best ally. That's why we've compiled a guide to the key dates and events in for November 2023 to be aware of when making cross-border payments.
Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding these economic events can make a significant impact, and allow you to make informed financial decisions.
But that's not all—we'll also introduce you to Equals Money's international payments service, your trusted partner for fast, seamless, and secure currency exchange.
Read on to stay informed and discover how we can empower your international financial transactions.
In light of continued falls in inflation we're expecting both the Fed (Federal Reserve) and BoE (Bank of England) to stand firm this month on electing to raise interest rates. As ever, the US job numbers will help gauge how the US economy is doing. The US economy grew by 4.9% in the third quarter and October's job numbers will give us a feel on projected growth for the fourth quarter
Third quarter growth will be key this week for the pound. Fears of stagflation in the UK have been dragging the pound lower in recent months and we will need to see an uplift on economic activity to lift the ailing pound.
Inflation numbers are due from the UK, US, and EU. Prices are expected to continue to decline further pleasing the respective central banks, who are unlikely to want to raise interest further, but this could have implications on when central banks could cut rates next year?
October's numbers surprised to the upside for the UK and US, with the EU numbers pointing to slower activity. The US numbers will be key again after calls by some in the market that expect US growth to slow in the final quarter of the year. Growth differentials continue to favour the US dollar, so anything short of that will be negative for the currency.
Second readings of growth in the US economy are due this week and whether the first estimate of 4.9% holds up.
Now that you're aware of the key economic events taking place in October 2023, let's talk about how Equals Money can elevate your international payments experience. Our service is designed to make your life easier and your transactions smoother.
- Competitive Rates: We offer competitive exchange rates for over 140 different currencies to ensure you can get the most of out of each transaction when converting currencies or making cross-border transfers.
- Tried & trusted: Since starting in 2005, we've helped our customers move and manage over £10 billion around the world.
- Fast payments: With connections to SWIFT, UK Faster Payments, and SEPA, make same-day and next-working-day transfers to make sure your money reaches where it needs to promptly.
- Range of solutions: Make payments using our full portfolio of options such as spot trades (a one-off instant transfer using the live exchange rate), forward contracts (fix a current exchange rate for a future transaction up to 24 months in advance), and more.*
- Currency expertise: You'll get the support and expertise of a specialist currency account manager who can help you put together a strategy for overseas payments.
In conclusion, staying informed about key economic events and dates is vital for making informed financial decisions. Whether you're monitoring GBP, EUR, or USD, these dates can significantly impact your currency exchange rates.
Get in touch or request a quote today to learn more about our full suite of solutions.
*Equals Money can only offer forward contracts to facilitate payments for goods and services
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