What is this week looking like for the Pound?
A rocky start to the year has seen sterling reach an all time low against the Aussie dollar, an 18 month low against the US dollar whilst touching a 16 month high against the Euro. So what can we expect this week? Will these levels remain?
Despite retails sales performing above expectations and this morning’s Public Sector New Borrowing figures showing a fall in government borrowing, there are still many worrying signs for the UK and hence the pound. Key is Unemployment and Growth. We have rising Unemployment and it is not expected to start falling anytime soon. The country needs growth to support the number of people out of work and this is looking to be meagre at best.
Tomorrows UK GDP figures will be key for anyone considering buying or selling the pound at the moment. We will also have the Bank of England Minutes from this months earlier meeting. I would be very worried about a sterling fall in early morning trading particularly if GDP numbers are bad and more members voted for QE. Adam Posen, policymaker at the Bank of England said yesterday it was looking like ‘probably’ the UK will need further QE.
This does not bode well for anyone selling the pound hoping for further gains in the short term. Even though Public Sector Net Borrowing fell this morning, the path to recovery in the UK is still unclear. If you are looking to purchase the pound you are looking at some very attractive rates at present which could improve further.
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