Mixed week for the Pound

12 February, 2018

Nakhil Mahra

What goes up must come down. After escalating on Thursday following the BoE speech, hinting at early an early interest hike, the Pound soared providing a buying opportunity for those who have been holding off your currency purchase. Both against the Euro and USD briefly breaking levels seen mid-January. However, those hoping that these levels will remain and make further gains and break the 1.15 barrier where left disappointed.  As markets corrected and comment made on Friday by EU’s Barnier those gains were wiped out quickly. Showing how quickly the markets can affect your overseas purchase and how important timing can be. Contact with your account manager throughout the course of your purchases can ensure you do not miss out on these peaks. Why not discuss our market orders and how they can benefit you.

Good week for USD

Last week proved to be a positive week for USD gaining against both its major pairs. After losing ground quickly through January, USD gained 1.5 cents against Sterling and half a cent against the Euro. With another busy week ahead for the USD there could be further gains, if you have a USD requirement coming up or have a requirement in the near future why not take advantage of our forward contracts.

This week is another busy week particularly for the USD, with no major EU data this week will we see GBP and USD gain on the Euro?