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Pound Sterling to Chilean Peso (GBP/CLP) Exchange Rate Forecast to Rally as Chile?s Economy Grew Less-than-Forecast

Published: 5 Jun at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates, Economy, Inflation,

The Pound Sterling to Chilean Peso (GBP/CLP) exchange rate rallied on Friday afternoon.

The Pound strengthened on Friday afternoon after a report from the Bank of England (BoE) showed British consumers upwardly revised forecasts for inflation over the next 12-month period. Inflation expectations rose from 1.9% to 2.2% in May. ‘Expectations have been on a falling trajectory since 2013 and if this ends up being a turning point then the BoE will feel more comfortable raising rates when the time comes,’ George Buckley, an economist at Deutsche Bank, said.

However, the Pound's gains have been relatively sluggish thanks to a separate report from the Recruitment and Employment Confederation (REC) and audit and tax firm KPMG. The report showed that hiring in the UK dropped in May, although admitted that this may be the temporary after effects of general election uncertainty. ‘The UK job market saw a slight slowdown in May, as those on boards took time to digest the election result and work out the ramifications for their business,’ Bernard Brown, a partner at KPMG, said.

The Pound Sterling to Chilean Peso (GBP/CLP) exchange rate is currently trending in the region of 967.0042.

The Chilean Peso, meanwhile, softened versus its major competitors after copper prices fell to a fresh six-week low amid concern that slowing global economic growth will dampen demand for raw materials. ‘Demand for metals was very weak in the first quarter,’ Caroline Bain, a commodity economist at Capital Economics Ltd. in London, said in a telephone interview. ‘It’s not a boom time for demand in China. The Eurozone economy is stronger than it was a few years ago, but we’re not expecting a boost to demand.’

Additional losses can be attributed to a lower-than-forecast result from the Imacec index, a proxy for gross domestic product. The index rose 1.7% from a year earlier; failing to meet with the median market forecast 2.3% growth. ‘The result is awful,’ Benjamin Sierra, financial markets economist at Scotiabank in Chile, said by phone. ‘We have confirmation that the second quarter will be worse than the first.’

The Pound Sterling to Chilean Peso (GBP/CLP) exchange rate was trending within the range of 961.8632 – 967.8958 during Friday’s European session.
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