Sterling rates dropped today against the single currency as we saw data MISS EXPECTATION for the UK. This was the first time in a number of weeks and is giving EUROS sellers an opportunity to take advantage and get some light relief on their transfers. This was down to UK data both Industrial and Manufacturing data falling in comparison to the expectation. Generally the “market” will have a view on the published reports and these will be priced into the market meaning that if the data shows what was priced in market prices don’t move much. However if they are different, like this morning, the market moves quickly to price this information in.
Later today the UK release GDP figures, these are mixed and expected to show a better price so potentially these gains for EURO sellers could be short lived.
For more information, a full breakdown of the forecasts this week or to talk through your personal situation please feel free to contact the author STEVE EAKINS on [email protected]