Following the publication of the European Central Bank (ECB)’s interest rate announcement today, Michael McGowan (pictured), Managing Director, Foreign Exchange, Bibby Financial Services (BFS), commented:
“The European Central Bank’s decision to hold interest rates today stands to ripple through international markets. Here in the UK, the bank’s consistently cautious approach has so far produced expensive consequences for exporters.
Currency volatility remains a thorn in the side of UK businesses with Bibby Foreign Exchange’s own research finding that nearly a quarter of SMEs see exchange rate fluctuations as a significant issue impacting profitability. Looking ahead to summer - when the first interest rate cuts may hit - many eyes will be flitting between the ECB, Fed and Bank of England in the hope of spotting the first mover.
