Sterling has made gains during Friday’s trading, despite some poor UK data released this morning.
Friday was the busiest day in terms of economic data releases for the UK, with the latest Manufacturing & Industrial Production figures coming out below the markets expected result.
This was countered to some extent by an improvement in trade balance figures and the Pound gained support during afternoon trading.
In truth both GBP/EUR & GBP/USD rates have been fairly range bound of late, with the markets seemingly waiting on any developments with Brexit before making their next decisive move.
With so much emphasis on Brexit negotiations at present, it was always likely that this rather than individual economic data releases are going to continue to drive market sentiment and ultimately investor confidence over the coming months.
The media seems to be cementing this negative perception, with any positive report followed by two or three negative ones and this is one of the main reasons the Pound has for the most part, struggled to make any sustainable gains against either the EUR or USD over recent weeks.
Moving forward and there will also be concerns over President Donald Trump’s proposed tax tariffs on imported Steel & Aluminium. This could have serious knock on effects for the global economy and could even threaten a recession in the longer-term.
With the UK economy is a state of limbo regarding its future trading partners and global status, this could also lead to further pressure on the Pound.
Personally, I would be looking for short-term improvements, rather than hold out for long term gains in such an unpredictable and relatively unstable market.If you have an upcoming Sterling currency transfer to make, you can contact me directly on 01494 787 478. 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.
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