Poor day for the pound US Dollar and Euro make gains

Yesterday was a busy day for day which saw both the US Dollar and Euro make gains against the Pound. In the morning we saw the UK post a slight improvement in consumer confidence posting a reading of -0.7 from a predicted -0.8. However this did little to help the pound and through the morning the greenback and single currency slowly gained, aided by an improved retail sales figure for Italy. In the afternoon the US posted an improvement in durable goods orders and also GDP, showing growth from 3.3% to 3.5%. This further galvanised the currently strong Dollar after its recent interest rate hike.

By the end of the day’s trading both the Euro and Dollar stole around a cent against the pound, whilst EUR/USD closed close to its open following Euro gains in the morning which were eroded in the afternoon following the US strong new homes data.

Today is another busy day for data as the market starts to wind down for Christmas. German consumer confidence is released early in the morning, but it is the UK that dominates the mornings releases with GDP and business investment ecostats. In the afternoon the focus shifts to the US who release new homes sales.

As we wind down for the Christmas weekend will we see the pounds woes continue, or will it make a last minute surge if we see some good data in the morning? Should you have any currency requirements stay in close contact with your Currency Index account manager for some friendly and festive guidance on how to get the most out of your transfer.

Currency Index is closing at 1pm today, and are open from 9.00 -13.00 on the 28th, 29th and 30th December, , so those of you that may need to make any transfers please do take note.

Wishing you all a very Merry Christmas and all the best for 2017 from all the staff at Currency Index.