Sterling is finding better support against most currencies as a positive GDP figure is expected on Thursday. This is of course good news or bad news depending on what you need to do! A positive figure will not in my opinion be enough for sterling to shake the blues but, it may be enough to provide anyone hanging on for dear life with a little sweetener in their price!
The pound has been suffering this year and it is likely this pressure will remain. Economically the UK is in a mess! What has improved lately is the economic conditions in the US which will help UK businesses. Europe on the other hand is on the cusp of worse troubles and with less orders for UK businesses as a result, sustained economic growth from business in the months and years ahead will be difficult. You have been warned!
I suggest therefore if you are considering moving on a currency transaction you pay particular attention to what happens this Thursday. Earlier in the year I wrote about the three key issues to beware of on the pound this year. You can read the post here. The three issues were the EU referendum, the triple A rating and the triple dip recession. Two of those topics have come true, in two days time we will find the answer to the third. The pound is absolutely on the edge!
Expectations are swaying daily but the general consensus seems to be we have narrowly avoided the dip. Such data is notoriously difficult to predict and as such I expect the pound to be very volatile in the coming 48 hours. Do not mistake the UK avoiding the triple dip for proof of a return to the rates we saw last year or earlier this year. The outlook remains negative and this is why I feel anyone selling sterling for another currency should really take stock now!
If you have an exchange to consider in the next couple of weeks Thursday’s data is very much worth being aware of. Our proactive personal service aims to ensure our clients get the best information relevant to their requirements. We are currency specialists with many years experience assisting and guiding both private and corporate clients through their transfers. We offer an unbeatable rate of exchange and it is very rare any of us would be beaten on price by another company or the banks.
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