Sterling is a sell at the moment as investment and demand falls through the floor. This is as growth and inflation data falls along with the forecast for when interest rates will go up. All traders are selling GBP meaning levels have dropped nearly 3 cents in 3 days! A scary figure for anyone buying in Europe but great news for anyone selling in Euro and coming back to the UK. This gives sellers the best opportunity sellers have seen in Weeks.
Rates are expected to continue in this trend now for the next few days as new ranges are set, this will probably be about 1.25-1.26. So if you are a buyer needing euros within the next few weeks I would be moving very quickly!
Next week Tuesday is the busy days with lots of UK information, it will probably help the Pound recover on the day but I think it won’t give better levels than we have this morning.
For more information contact Steve Eakins at [email protected]