Sterling exchange rates have opened poorly this morning with the pound now having fallen 1.2% against the single currency this year. Sterling has, however, remained stable against a number of other currencies, and has actually posted small gains against the US dollar – further reactions to yesterdays’s comments from Fed President Raphael Bostic
Sterling has remained on the back foot this week, with much of the movement being attributed to the various outcomes for next months vote as explored by my colleague Alastair in his post yesterday
As you can see there are a number of different outcomes and it is this uncertainty that is creating a nervous feeling and uncertain picture for the pound.
What could impact the pound for the rest of the week?
Today is relatively quiet and it is likely to be movements from currencies elsewhere that dictates the pounds trends. For anyone looking at GBP positions in the short term it would be advisable to keep an eye on tomorrows industrial and manufacturing data. Both are expected to make strong improvements from last month, and if as forecast, then the pound should have a strong end to the week. A move that would be welcomed before next weeks expected volatility.
Protect yourself against adverse exchange rate movements
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