Sterling falls from highs vs EUR and USD

Good Morning. Sterling rose to a seven-week high versus the euro and a six-week high against the dollar on Friday on robust UK data, but analysts said structural problems facing the UK would hamper gains in the long term. Rates have dropped back slightly this morning, and at 09:00am rates are as follows:

  • GBP/EUR 1.1344
  • GBP/USD 1.5434
  • GBP/AUD 1.6618
  • GBP/NZD 2.1594
  • GBP/CAD 1.5535
  • GBP/CHF 1.6368
  • GBP/ZAR 11.186
  • GBP/JPY 144.19
  • GBP/NOK 9.096
  • EUR/USD 1.3604

Today we have some retail information for the UK along with housing data. As will likely be the case during April however, ongoing political uncertainty is likely to be the main factor in Sterling exchange rates.

The latest Sun YouGov poll put the opposition Conservatives 9 points ahead of Labour, which would make it the largest party in a 650-seat parliament but deny it an overall majority. Even if one party were to win the election by a clear majority, there would still be negative factors affecting sterling.

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