GBP Forecast – Market Confidence in the UK Economy Remains Minimal (Matthew Vassallo)

Those clients with a Sterling currency exchange to execute, should be keeping a close eye on this morning’s Unemployment data and Average Earning’s figure.

The UK’s official Unemployment rate fell last month, coming out below the markets expected figure at 4.2%.

This along with Average Earning’s increasing, was one of the last positive data releases for the UK economy and those clients holding GBP will be hoping for a similar improvement this month.

The Pound has struggled of late, with market confidence evaporating in the UK economy, as soon as it became clear that the Bank of England (BoE) would not be raising interest rates at their policy meeting last week.

BoE governor Mark Carney’s tried to remain upbeat about the UK economy and the potential for future rate hikes but the markets seem unconvinced. Sterling has failed to make an sustained impact against any of the major currencies over recent days and with Brexit now back in focus, this trend may be continued over the coming days.

GBP/EUR rates remain marooned just above 1.1, whist Cable rates continue to find resistance under 1.36.

Overall there can be no argument that Sterling is in the midst of a torrid run and it may be prudent to protect any sterling currency positions from further losses.

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.

Our award winning 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 mtv@currencies.co.uk to find out all the options available to you ahead of your currency transfer.