Pound falls further

Sterling fell further yesterday, as a lack of economic data at home, along with further fears in Asian markets overnight, gave little support to the ailing Pound.

Against the Euro, we saw rates overnight very close to their lowest since February, and with US economic growth forecasts revised up on Friday, the US Dollar has also been gaining in value, giving the lowest GBPUSD exchange rate since April.

Today we have very little in terms of important data releases due out, although Bank of England Governor Mark Carney is due to give a speech at 7.40pm, which is a potential influence on the Pound. Eurozone economic sentiment (10am), UK mortgage approvals (9.30am) and German inflation (1.30pm) are all announced during the day but none is likely to move exchange rates significantly.

In fact as we head towards the final quarter of the year, which starts with October on Thursday, the economic calendar is very quiet.

Cheaper South African Rand

A note to those of you sending money to South Africa – the price of the Rand continues to plummet and is currently again at its cheapest rate since inception in 1961.