Currency News – further losses for the Pound against the Dollar and Euro

This week has been another tough one , seeing further losses for the Pound against the Dollar and Euro. Positive data from the US and Europe, combined with sentiment against the Pound currently has seen rates continue to slip. Throughout the course of the week it has lost over a cent against the greenback and similar against the Euro. This was despite the UK posting various positive Ecostats during the week, including trade balance and mortgage data, and only highlights the weight of sentiment against the Pound currently. Particularly against the Euro it seems we have seen a worrying turn as on Wednesday we saw the rate drop to the lowest to has been in 8 years, whilst also breaking a long-standing level of resistance. This is concerning, and with some of the major banks warning of parity by the of the year without recovery we could be seeing the start of a spiral in rates?

Currency News Today

Today is a quiet day for UK Pound Ecostats and currency news. The big events to focus on data wise are US FED Chair Janet Yellens Speech, and throughout the day and weekend we have the Jackson hole symposium. This is an annual event for central bankers, policy experts and academics to discuss economic issues. Mario Draghi is in attendance and is due to give a speech early evening. With the pound silent for data today, will we see further losses for Pound against the Dollar and Euro, particularly if Draghi does as always does and talks the Euro up? With current market sentiment as demonstrated with the currency movements we have seen, this could be a possibility. Should you have any upcoming requirements speak to your Currency Index broker today for some friendly guidance on how to get the most out of sending your money overseas.