Sterling Euro Exchange Rates at 2 Year High (Tom Holian)

Pound to Dollar Rate Extends Gains on Mixed US Data

Sterling Euro exchange rates have this week hit a 2 year high following the decision by Scotland to stay part of the United Kingdom. 

The main question though is that will this strength last or will we see profit-taking during the next few trading sessions?

UK Mortgage Approvals as well as Public Sector Net Borrowing are due out at 930am this morning which could see a bit of movement and personally I feel that the UK housing market has shown recent signs of slowing which could be highlighted with the mortgage data out shortly. Therefore, I think we could see a small fall for the Pound.

Data is relatively thin on the ground this week following a very busy and volatile fortnight for GBPEUR exchange rates. With the Scottish referendum now decided the market will look again to economic releases that might affect exchange rates.

German services PMI data has come out marginally better than expected which has given the Euro a small amount of strength against Sterling this morning.

Moving the focus over to GBPUSD rates we have manufacturing US manufacturing PMI data published this afternoon as well as a speech by FOMC member Jerome Powell.  His comments may affect US Dollar and therefore trigger a short term movement positive or negative trend.

If you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly for a free quote Tom Holian [email protected]