Pound Sterling Forecast

To quote one of my fellow traders Sam this morning, “The Government schemes to get people into work to drive us out of economic turmoil are about as useful at the moment as a Blackberry mobile phone.” Both are having a hard time of it lately thats for sure!

This followed poor unemployment figures out for the U.K yesterday, which assisted Sterling in dropping below 1.14 against the Euro for the first time in a couple of weeks after a few minor spikes and some great buying opportunities for those purchasing a property or goods from within the Euro Zone.

This once again highlights how easy it is to keep holding out for that little bit more and to then get caught out. I see so many people do this on a daily basis and if I could give any of you a tip that are in a similar situation, set yourself a realistic target you are happy with and if it gets there – BUY IT.

You can always place a limit order, this tool means that even if your rate becomes achievable at 4am on a Sunday then your currency gets bought out for you – eliminating the risk of you missing out through being unavailable, you would merely receive a phone call upon the limit order being filled asking for settlement under the terms agreed.

If you want more information on limit orders then email me djw@currencies.co.uk and I will be happy to explain them to you in full.

Today we see trade balance figures for the U.K at 09:30am – keep your eyes peeled for this one as further negative data for the the U.K could add to Sterling woes for the week.

The only plus point so far, is the gains against the USD and JPY – The Pound climbed over 1% against the two in yesterdays trading however appears to be slipping back again first thing, we have a flurry of U.S data out this afternoon so this minor spike may be short lived.

Sterling against the perceived riskier currencies has felt the pinch as investors have maybe started to look into carry trading and riskier investments even though in my opnion we are in a market much like 2008 where you just do not know what is around the corner next!

Contact me djw@currencies.co.uk whether you have a currency requirement be it buying or selling any of the majors then I will be able to help you save money over the banks or your current broker, along with ensuring you receive the bery highest level of service to boot.