Pound continues the upward trend

4 September, 2013

Matthew Boyle

This week has certainly been a positive one for the pound with it making gains against many of its major counterparts but most significantly against the Euro and US Dollar, with it gaining 3 cents against the single currency and 2 cents against the greenback in the last 5 days alone. Albeit it has been a relatively quiet few days in the way of any major data releases a steady flow of positive UK data for manufacturing and PMI showing the fastest growth rate for 6 years has seen the pound gain steadily- rising to a 4 month high against the Euro and a 2 week high against the USD. Gains against the USD may have been limited as they also posted above estimated figures in the same areas of manufacturing, however interestingly despite Eurozone GDP coming in today at -0.5% from an expected -0.7% its gains against the Euro have been much more significant. Tomorrow we have both the BoE and ECB interest rate decisions, and the ECB monetary policy statement, whilst Friday sees a raft of further data which will no doubt see further movements in what has been a busy week for the pound. With rates currently at a 4 month high, if any of you have Euros to buy in the near future speak to your Currency Index broker sooner rather than later. Those of you in the process of purchasing a property and would like to take advantage of these rates, you may like to discuss forward contracts – which allows you to book todays rate whilst also helping you secure and know the final costs. Indeed at present with the current pound strength rates are relatively good all round, so speak to your Currency Index Broker today who can help you stay well informed and well ahead of the market.