Another Lacklustre Day For Sterling

12 March, 2014

Simon Eastman

Tuesday saw little in the way of gains for the pound as the data released in the morning came out mixed on performance, with little to talk about. Industrial production missed the mark by 0.1% whilst manufacturing production came out 0.1% better than expected.

The low key EU data releases all came in as expected as did most of the US data in the afternoon, all except a business optimism survey which missed its mark by 4 points. This gave sterling and the euro something to rally off but the only managed to make back earlier losses. 

So sterling finished the day at the same point it had started from across most major currencies. We did however manage to gain against the broadly weak Aussie dollar, which is struggling generally and while they enjoyed an extended public holiday weekend down under, weaker Chinese export figures hurt the dollar further. For those looking to transfer money to Australia, you would have enjoyed a 1 cent increase on your exchange rate over the course of the day. 

So will it be a better day today? To help or hinder the pound we have trade balance at 9.30am followed by industrial production for the Eurozone. We will need some positive figures to make a break back up above current resistance levels. Later in the day across the pond they release mortgage application figures and the monthly budget statement. We also have the RNBZ interest rate meeting early evening so we could see some change by tomorrow morning. Keep in touch with your CI Currency Broker to discuss any upcoming transfers.