Sterling recovered a little today following some slightly better than expected Construction numbers this morning. It’s helped GBPEUR rise slightly, however GBPUSD is being kept under pressure due to a stronger US Dollar. (View live interactive charts).
Tomorrow morning we see UK Services. Services form the majority of UK economic output, so the numbers are important. We expect a reading of 53.5. Anything above 50 signals expansion, and if the actual result is higher or lower, the Pound is likely to move accordingly…..
In yesterday’s post I outlined today’s UK Mortgage Approvals, Manufacturing PMI and Credit data as things to watch for any signs of a slowdown in the UK economy. Unfortunately for clients with GBP to convert, that’s exactly what we’ve seen a short while ago. You can see live interactive charts on this site here to see how various Sterling pairs have reacted.
Good morning. Sterling has started the week slightly lower against other majors including the Euro and US Dollar. This can largely be attributed to the resignation of the Home Secretary Amber Rudd at the weekend. This creates political uncertainty for the UK, and as regular readers will be aware, markets do not like uncertainty and have sold the Pound accordingly.
In today’s post I’ll outlined what the week ahead has in store in terms of scheduled data releases that I think could affect exchange rates. Other factors that can’t be foreseen such as political developments or any Brexit news could also affect exchange rates.
In today’s post we’ll have a look at how the Pound fared against some other major currencies last week, including GBP/EUR, GBP/USD, GBP/AUD, GBP/NZD. On Sunday evening, I’ll outline all the data for the week ahead, and things that you should watch out for if you need to make a currency transfer and want to get the best exchange rates.
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What goes up, must come down. Yesterday we saw GBP/EUR rates break through €1.15 again, however these levels have proved to be short-lived. This morning UK GDP figures were released, showing the economy grew at just 0.1% in the last quarter. It was expected to have grown at 0.3%, so the poor reading has weakened the Pound as you can see from today’s chart.