Pound benefits from Olympic fever

The Olympics finished last night on high note – and the same can be said for the Pound last week as we saw another run of improvement against the Euro and US Dollar to the end of the week.

While Team GB, the organisers, volunteers, security teams and of course the crowds did the UK proud, our currency was busy posting gains to give us the best rates this month for buying Euros and US Dollars in particular.

Whether sterling can go the distance like Mo Farah, or falls slightly short like Holly Bleasdale, remains to be seen. This week sees a number of important data releases which will affect rates – and comes after last week’s record poor trade deficit and reduced growth forecast failed to dampen GBP spirits.

In the UK, we have unemployment on Wednesday, plus there are consumer inflation figures out in the UK, USA and Eurozone. UK retail sales and the Bank of England minutes are also potentially influential; and with recent British data all pointing towards worse and worse economic performance, it might be prudent to consider fixing a rate while sterling remains strong if you have a requirement to send money abroad soon.