Sterling has had a poor open this morning, posting some heavy losses against the Euro (down to 1.1230 at the time of writing) and 1.3070 against the US dollar.
Political uncertainty has again had a major impact on the value for the pound following news of a report in the Sunday Times over the weekend that 40 MP’s have signed a letter of no-confidence in Theresa May and her government, just 8 votes short of the number required to trigger a leadership contest.
This continues the run of bad press for Theresa May and also follows on from reports in the Mail on Sunday that Boris Johnson and Michael Gove had written a letter urging Theresa May to pursue a hard Brexit strategy.
Data that could impact the pound this week
This current uncertainty surrounding the UK Government is likely to keep the pound firmly on the back foot but anyone looking at a position involving sterling should also keep an eye on the following data releases:
– Tuesday 14th – UK inflation figures – expected to rise from 3% to 3.1%
– Tuesday 14th – Bank of England (BofE) Governor Mark Carney Speech.
– Wednesday 15th – UK unemployment figures.
– Thursday 16th – UK Retail Sales data – MoM data expected to rise from -0.8% to 0%
– Thursday 16th – BofE Governor Mark Carney, Jon Cunliffe and Ben Broadbent speech.
Getting the best deal for your currency
As you can see there is plenty of data due for release this week. When deciding the best time to arrange your exchange it is important you get the right information to help the timing of your transfer. As one of the UK’s leading international money transfer specialist’s we have access to commercial banking levels to help our clients significantly undercut the high street banks.
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