The latest set of UK economic data surprised investors today and as a result, the Pound has received a welcome boost across the board.
After a very good November the Pound fell off it’s highs against both the Euro and the US Dollar earlier this week, but the currency is regaining some of it’s lost value and approaching those highs once again which the GBP/EUR pair approaching 1.20 once again.
The Pound has recovered particularly well versus the Euro after the European Central Bank (ECB) announced yesterday that it will be extending its bond purchasing program as a form of quantitative easing.
The Pound gained off the back of this news mostly due to Euro weakness but today those gains have been boosted further. UK Trade is looking a lot healthier after data released today showed October’s visible trade balance dropped to -£9.7bn when many had expected to see it drop from -£13.8bn down to -£11.8bn.
This reduction is of course good news for the UK, and trade balance figures are often discussed in financial media after earlier this year it was announced that the pound had the highest deficit within the developed world.
Now that GBP/USD is trading above 1.25 and GBP/EUR is closing in on 1.20 once again it appears that the Pound is looking healthy around these levels after gaining a lot of ground in a short period of time.
If you’re planning on taking advantage of the recent gains by Sterling by converting the currency into another major currency, feel free to get in contact to discuss exchange rates and timings.
You can contact me directly [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.