Pound makes slight recovery, but forecasts remain gloomy

Sterling has recovered slightly today, following much better than expected Manufacturing and Industrial production figures. Later this afternoon we’ll have a GDP estimate for the UK, with the actual true reading coming next month.

It should be noted however that the production figures, while positive, were for the month of May. We’ll have to wait a little longer until economic figures for the ‘post Brexit’ period, and that’s what the markets will be watching for, to see what effect the referendum is starting to have on the economy.

The slight up tick in Sterling today is something that those converting the Pound may wish to take advantage of. Nearly all major forecasts are all saying the the Pound is likely to fall much further in the coming months, due to the expected negative effects on the economy due to the vote.

(Live exchange rate graphs can be found here)

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