Pound makes slight gains

Yesterday was a quiet day on the markets with very little data of note. The markets predominantly correcting throughout the day. The very little data that we did have however allowed the Pound to make very little gains on the Euro, finishing the day ¼ of a cent up . this was down to flash marketing PMI and flash services PMI coming in the Eurozone coming in below expectation. The EURUSD also slightly corrected during the day with the US posting better than expected Flash Services PMI and Marketing PMI.

With the news that Greece is going back into the financial markets to borrow more money for the first time in 3 years, it remains to be seen whether this will have any negative impact on the Euro as a whole. Given the current Euro strength, however, there should be no surprises if there are no major changes in the markets.

With another quiet day on the markets today with only US consumer confidence data out later, any hope for a quick upturn in fortunes for the Pound is still a long way off, speak to your CI account manager today to discuss your best options.