020 7898 0500Sterling suffered another disappointing day on Wednesday as manufacturing production figures saw the UK currency lose ground against the majority of its trading partners. Manufacturing production recovered somewhat when compared to the previous month, rising 0.1% throughout April. However, this data came in well below the 0.4% consensus increase forecast by economists.
Sterling took a hit on the back of this release, falling cross the board throughout the morning and hitting a two-week low against the euro. We did see some recovery against the euro as the afternoon progressed as one of the European Central Bank (ECB)’s voting members warned that the ECB could still surprise markets with the outcome from their next meeting.
A big day lies ahead for sterling, with the combined release of the Bank of England (BoE)’s latest interest rate decision and quarterly inflation report. With the future economic climate still very uncertain, investors will be listening intently for the central bank’s growth and inflation forecasts over the coming months as these could have a huge influence on sterling.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
