020 7898 0500A largely positive week for sterling has seen the currency unwind recent losses against both the euro and US dollar. This was despite a succession of poor data released from the UK which didn’t meet expectations. Having come under significant pressure over previous weeks, sterling fell to a fresh seven-year low against the US dollar on Monday morning, before finding support on the back of belief that the risks of a ‘Brexit’ from the EU may have been overstated. Sterling continued to improve throughout the week, despite purchasing managers’ index (PMI) data from the manufacturing, construction, and services industries all disappointing. The figures were still in positive territory but at lower levels than the previous month. Five straight days of gains for sterling against the euro came to an end on Thursday as the single currency found support across the board, although sterling still remains well above the 14-month lows experienced at the end of February.
A quiet day for UK economic data releases in the markets today, with attention turned to the US for the release of their latest non-farm payroll figures. This figure can have a significant effect on markets, and will be keenly awaited by investors.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
