Sterling Makes Gains Following Positive UK Retail Sales Figures

Spanish elections and the impact on the pound vs the euro

The Pound has found a new lease of life over the past 24 hours, giving those clients holding Sterling some much-needed respite.

UK Retail Sales figures released yesterday came in above market expectation. This coupled with some fairly ominous warning from European Central Bank (ECB) president Mario Draghi has helped to boost Sterling’s value, with GBP/EUR hitting 1.1464 at today’s high.

This move optimises the current market, which is becoming more unpredictable by the day.

Sterling has been under a huge amount of late, with the EUR benefitting from what seemed to be a complete lack of investor confidence in GBP.

Fears over the current state of the UK economy have continued to manifest themselves, in line with the greatest signs of stress shown since the Eurozone economy and double-dip recession six years ago.

The Pound in turn had struggled to make any impact against the single currency, which seems to be a direct result of the current malaise inside the UK economy.

With Brexit talks becoming more clouded and a seemingly divisive split in the UK government, the Pound continues to find life tough going.

Despite this seemingly negative outlook, there are always opportunities in the market as yesterday’s movement proves.

Those clients holding Sterling may wish to take advantage of the current spike, as there are certainly no guarantees that this positive trend will continue.

If you have an upcoming GBP or EUR 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.