020 7898 0500Sterling traded largely sideways against both the euro and US dollar on Monday, with initial gains unwinding throughout the afternoon over an increase in fears over a Brexit from the EU. Continued soft economic data from both Europe and the US has allowed sterling to unwind some of the losses experienced as a result of Brexit fears, and sterling consequently pushed to one-week highs against both the euro and US dollar throughout the morning. However, following David Cameron’s warning that Brexit would increase the chance of further wars in Europe, sterling gave back these gains throughout the afternoon.
Today brings the release of manufacturing production figures from the UK, where an increase of 0.4% throughout April is forecasted. Following on from the surprise decline of 1.1% in March, a positive result here could help sterling or hurt sterling if not in line with expectations.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
