Pound struggle continues

Yesterday Sterling continued to struggle against its major pairings. A mixed result data-wise for the UK, posting better than forecasted March UK Unemployment figures, showing a drop from 4.7% to 4.6%. On the other hand, UK wage growth disappointed with results 0.1% under expectations. The poor wage growth data certainly acts as a warning sign for future UK Retail Sales figures, as households could potential spend less. Overall the pound was relatively flat, managing to make some small gains following the results, but not lasting long and by the close of the trading day we saw those gains diminished, trading back at the levels where we had started.

Aprils Retail Sales figure are due to be released this morning at 09:30and expected to post an increase for year on year figures. In the afternoon, the ECB are posting their monetary policy meeting accounts at 12:30 and US Jobless Claims May and Philadelphia Fed Manufacturing Survey due at 13:30. Then after close European Central Bank President Mario Draghi speaks at 18:00.

With investor sentiment shifting towards the Euro, the recent slump for the Pound is not great news for those with the intentions of buying Euros. However, it is a welcomed relief by those looking to sell their Euros. With the best selling rates seen since March, those of you who have a euro sell requirement now is a great time to move them.

With the upcoming general election round the corner, it may be wise to consider booking your upcoming requirement sooner rather than later. Don’t take the risk on the assumption that rates will improve following the vote and avoid the possibility of any further losses. Contact your broker today to discuss the options we provide in order to maximise your requirement.