The Pound made some inroads against the EUR today, following some worse than expected Eurozone data this morning.
Poor Manufacturing & Services figures caused the EUR to lose over half a cent against the Pound, which has given those clients holding Sterling some much needed respite.
Sterling’s recent poor showing can be attributed to a number of factors, not least the uncertainty created by our on-going exit from the EU and whilst many regular readers may sick of hearing about Brexit, unfortunately it is likely to drive investor confidence and Sterling’s value for many years to come.
If the current government can find some common ground and a softer exit than many expect is sought after, then Sterling could start to find a foothold and sustainable improvement against the other major currencies is far more likely.
However, with so many unanswered questions about where the UK economy is heading, then I would be wary about assuming that the current trend cannot last and an impending improvement is just around the corner.
Looking ahead at key data for the week and much of the markets focus will be on Wednesday’s UK Gross Domestic Product (GDP) figures and the latest Inflation Report hearings.
With an improvement in GDP from last month anticipated, expect investors to have priced in the predicted 0.3% growth to Sterling’s current value. Any figures above this level could also help to boost Sterling’s value after yesterday’s IMF report.
If you have an upcoming GBP or EUR currency transfer to make you can contact me directly on 01494 787n 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.