Sterling see’s some support as UK pay growth picks up while unemployment rate drops again (Joseph Wright)

The UK economy and therefore the Pound received some positive news today, which saw the Pound spike upward and gave the currency some much needed respite after the currency has been tumbling on almost a daily basis recently.

Brexit negotiations beginning badly as well as concerns over the slowing economy have put pressure on Sterling, and a number of major financial institutions have recently predicted that the Pound could fall considerably further in 2018, with GBP/EUR trading a parity being one of the stand out predictions.

The good news for the UK today was that the unemployment rate has fallen to it’s lowest level since 1975, and also pay growth showed a greater rise than analysts were expecting.

There is still the ongoing issue of living standards declining as the rate of wage growth isn’t climbing in line with the rate of inflation, and with the inflationary pressures declining slightly there is now less chance of a rate hike from the Bank of England later this year.

If you would like to be kept updated regarding any short term price moves do feel free to get in touch with me.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.