020 7898 0500Following a tough end to the week, sterling struggled throughout early morning trading before recovering strongly to post gains against both the euro and US dollar on Monday.
With little news released from the UK throughout the day, movements were largely dictated by events elsewhere. Over the weekend, analysts at Barclays warned of potential sterling weakness ahead of Wednesday’s UK employment report, in the belief that this could miss expectations. However, sterling benefitted later in the day from news filtering from the ongoing Eurogroup meetings that the European Central Bank (ECB) could cut the deposit rate at their next meeting.
Another quiet day lies ahead for data releases, with investors looking ahead to Wednesday’s employment data from the UK. As always, events elsewhere still have the power to influence sterling performance, even on ‘quiet’ days for the UK economy.
