UK Services PMI this morning came in below expectations seeing sterling struggle in early trading. However US jobs figures were well ahead of expectations, reinforcing market forecasts that the US will raise interest rates in the not too distant future, which in turn strengthened the Dollar. The effect of this greenback strength helped put pressure on the Euro, and the increase in global confidence also helped the pound.
Sterling is still a long way off the levels seen before the ECB interest rate decision, but has at least found some support, so it will be interesting to see how unofficial GDP figures come out for the UK. Current pound euro exchange rates are still excellent, even if some of the sheen has been taken off sterling in recent days, so if you need to make a currency transfer, and want to get the best exchange rate, then feel free to email Colm at [email protected] and I would be happy to help.
