Slight recovery for the Pound
31 August, 2017
Yesterday saw a slight recovery for the Pound, welcomed by many following its recent continued losses. The mornings data saw an increase in UK mortgage approvals and money supply, and as a result it slowly started to gain ground against the Euro. These gains were not stopped by mid-morning Eurozone releases which were all positive- with various economic sentiment releases showed an upswing. Throughout the day the Pound managed to claw back 0.5 of a cent against the single currency, after having steadily lost over 10 cents in the last 4 months.
In the morning’s trading session, the Pound remained relatively flat against the Dollar and despite the US posting better currency news via GDP growth in the afternoon of 3% from a predicted 2.7%, GBP/USD rates closed where they opened the day on.
Today’s Market Data
German unemployment data kicks off the day at 9.00 am, followed at 10.00 am by Eurozone inflation data and unemployment rate. As always in the afternoon the focus shifts across the pond to the US who release personal income and consumption data. These releases are all of major note, and in a day where the UK has no data releases will we see the recovery all but eroded? Recently the Eurozone has posted consistently strong data, and is poised to beat the UK to an interest rate hike, so strong data this morning could see a bad day for the Pound. Equally with GBP/USD balanced yesterday a positive figure from the US could tip the scales and see the Pound lose also. With rates still fragile after only a slight recovery for the Pound and ongoing Brexit negotiations delicate the Pound is still under a huge amount of pressure. Whilst banks continue to warn of parity with the Euro by the end of the year, some of you may like to consider taking advantage of these small spike in rate against the background of long term and sustained losses.
Should you have any upcoming requirements, speak to your Currency Index broker today for some friendly and professional guidance on how to get the most out of your transfer.
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