020 7898 0500An unpredictable day for sterling in the currency markets yesterday saw large swings throughout the day against both the euro and US dollar but in the end the exchange rate was very close to where it started. Industrial output was shown to have increased by 0.3% throughout the previous month, providing the basis for sterling strength throughout the morning. Consequently, the currency rose close to a one-month high against the euro before retracting sharply throughout the afternoon. With debate over the upcoming EU referendum still ongoing, sterling markets are likely to remain volatile throughout the coming months.
No major economic data is set to be released from the UK today, although markets will be keeping a very close eye on developments on the continent, where the European Central Bank (ECB) will be announcing its latest stimulus package for the Eurozone.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
