Sterling exchange rates have opened mixed this morning as markets await a raft of data out of the UK today.
Headlines surrounding UK Prime Minister Theresa May’s poor speech last week along with her waning support from members of her own party persisted throughout last week, causing the Pound to drop in value.
Yesterday morning Sterling turned a corner after some members rallied around her, and I think how she defends her leadership will have an impact on Sterling exchange rates in future also.
In the short-term the rates are likely to be affected by today’s Industrial Production and Construction Output data for August, along with the closely watched UK Trade data. With Brexit negotiations ongoing this week many will be keen to see whether the import/export gap is continuing to narrow, which has been aided by the weaker Pound.
This afternoon around 1pm a leading think-tank, The National Institute of Economic and Social Research will release their UK GDP estimate which is usually very accurate and watched closely. If this figure deviates from its expectation of 0.4% I also expect to see movement for GBP exchange rates.
If you would like to be informed if the Pound’s value changes dramatically do feel free to get in touch with me, as working on a trading floor we’re able to react quickly to sudden price moves.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.