Best GBP exchange rates for fortnight
24 August, 2016
During a quiet week for the UK, the pound has been able to slowly stabilise and regain a portion of the losses seen after the Bank of England cut rates earlier this month. In a trending market, it is very typical for rates to correct around 50% of the initial losses before resuming the bigger movement, and interestingly the pound is currently approaching these levels, potentially giving a great buying opportunity. GBP/EUR and GBP/USD both dropped over 5 cents earlier this month and in the last week have managed to recover 2 and 3 cents respectively with rates improving a further half a cent during yesterday’s trading.
There were data releases for both the Euro-zone and US yesterday all focussing on PMI figures. Euro-zone Manufacturing fell slightly to 51.8 but was close to the 52 forecasts, and Services came in better than expected at 53.1. In the US Manufacturing PMI missed the mark with results of 52.1, down from 52.9, however New Home Sales unexpectedly increased in July. The greenback slightly edged it against the Euro yesterday after losing ground over the last week or so.
At the European open this morning we have had the release of German GDP which met market expectations exactly with 0.4% growth in Q2 and annual growth at 3.1%. The rest of day is very quiet again with no UK figures, just further Home Sales data for the US this afternoon at 3pm. With buying rates currently the best seen for over 2 weeks, contact your account manager today to take advantage of this saving and discuss the options available to you.
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