UK Unemployment at 10 Year Low but the Pound Remains Under Pressure (Matthew Vassallo)

GBP/CHF rates have fallen over the last month, with the Pound coming under increasing pressure against most of the major currency pairs. With GBP losing value at an alarming rate, those clients holding Sterling would have been relieved to see this morning’s UK unemployment figures. With the official rate falling to a 10 year low and above market expectation, the Pound immediately gained support and GBP/CHF rates spiked back above 1.42.


The recent decline of the Pound has been a shock for many clients and whilst I expected a realignment, the fall has been more aggressive than I anticipated. It is clear the overriding trend is now GBP negative and with Bank of England (BoE) governor Mark Carney comfortable with Sterling’s drop in value, I do expect this trend to change in the short-term.


The Pound has found some support following this morning’s data but with UK Retail Sales figures expected to show a drop on Friday, this improvement could be short lived.


If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to call us on 0044 1494 725 353 and ask for Matt. Alternatively, I can be reached directly on [email protected]