Merry Christmas from Currency Index

24 December, 2015

Rob Bastin

Before we round up for the festive period there are just a couple of last data releases to report on from yesterday’s trading. Sterling enjoyed a rare positive day, recovering over 1 cent against the Euro and US Dollar. These gains were made despite some further disappointing figures relating to Q3 growth in the UK. This final revision confirmed that the UK in fact only grew by 0.4% from July to September rather than the originally forecast 0.5%, and subsequently lowering the annual growth from 2.3% to 2.1%. The pound took a small dip after the announcement but profit taking ahead of the bank holidays was driving rates higher after a poor couple of weeks for our currency.

In the afternoon some strong US data aided the GBP/EUR recovery but limited any further gains for GBP/USD. Durable Goods Orders for November posted a zero growth figure which was far better than the 0.7% contraction that had been expected by analysts. Consumer Sentiment and New Home Sales also came in strong to support forecasts of a further decline in cable exchange rates over the coming months.

Currency Index have enjoyed another fantastic year and would like to take this opportunity to thank our clients for their continued business, and would like to wish you all a Merry Xmas! We will be closing early today at 12:30pm and our offices will be open again on Tuesday 29th – Thursday 31st with same early closing time. Trades can still be placed and payments will be arranged as normal should you have any end of year requirements.