020 7898 0500It was a quiet day on the economic data front for sterling yesterday, with its downward trend being “pushed” by Tuesday’s tragic events in Brussels. Combined with Brexit uncertainty, this week’s worse-than-expected UK inflation data, and last week’s Budget, investors are seeking safe haven currencies like the US dollar. These resulted in gains against sterling.
We have a busier day ahead of us today, starting with retail sales figures which are expected to be 3.4% compared to the previous reading of 5.0% year-on-year and -3.3% worse month-on-month at -1.0%. This could have a negative effect on sterling and push the currency further down against its rivals. We also expect BBA Mortgage Approvals and CBI Distributive Trades Survey data. The latter represent the health of the UK economy, and a high reading would be seen as positive for sterling.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
