Pound takes the drop against the major currencies

9 December, 2013

Tom Arnold

This week starts with the Pound slightly on the back foot following a drop away from the year long highs we have recently experienced against most currencies, but notably both the Euro and the Dollar.

This is in main part due to positive sentiment towards the Euro following the ECB’s press conference last week and likewise for the Dollar; very positive US jobs numbers on Friday have provided the support. A strengthening Euro and Dollar invariably means a weakening Pound as investors more their funds around the big three currencies to gain the best market position.

This week sees quite a bit of data due:

German Trade Balance
German Industrial Production
Bank of England Governor Carney speech

UK Trade Balance
UK Industrial and Manufacturing Production

German CPI Inflation
US Monthly Budget Statement

Australian Unemployment
ECB Monthly Report
European industrial Production
US Retail Sales

European Employment Change
US Producer Price Index

With the Pound still at very good rates against most major currencies, and with the outlook seemingly moving in favour of some of its competitors, now is likely a good time to secure your rate if you are buying a currency with Sterling.

As usual stay in close contact with your CI account manager to be kept informed on how the markets are performing and what the implications are for your upcoming currency purchase.