GBP rates are continuing to strengthen this week after last weeks unexpected rise of 1% to the UK economy. CBI retail sales, released yesterday, have shown a better than expected increase to retail sales across the UK with figures coming out at +30, a large jump above analysts forecasts of +7. This data release has added to the momentum of sterling over the past couple of weeks, largely increasing chances of sustained economic growth, and with Purchasing manufacturers’ index data for manufacturing, construction and services released this week we could be due to see a healthy UK economic growth going in to the fourth quarter. This boost to the pound has pushed GBP/EUR rates up above the 1.24 mark once again and GBP/USD rates have risen to 1.6133, edging closer to last weeks high of 1.6144. With nobody sure whether Spain will accept a bailout, Greece’s economy going in to an even deeper crisis and the rise in the UK economy investors are seeing this as a good time to purchase Sterling as political and economic uncertainty surrounding the Euro zone could affect these rates at any times.
If you have any currency requirements or questions regarding anything and would like to talk to one of our experienced currency brokers then please contact the dealing floor directly on 01494 725 353 or Email Alistair at [email protected]