Slow start to the week for Sterling

The pound started the week on the slow burner, trading within a small range as markets have little data to go on.

Monday was a quiet day on the forex markets as investors had no ecostats of note to go on and with the fall out from the Bank of England’s interest rate cut last week still a factor it seems traders were being cautious. The pound traded within a half cent range against both the euro and the US dollar, initially dropping away, making some gains back and then trailing off towards close of play – clearly the pound has little momentum behind it at present.

Today is likely to be a little livelier with key German import/export figures coming out early doors followed by UK industrial and manufacturing production figures at 9.30am. This afternoon any Loonie buyers take note of construction data at lunchtime. Finally we have the NIESR GDP estimate at 3pm, the second since the UK voted to Brexit and maybe a better indicator having had a full month of reflection to take into account.

If the UK stats miss the mark the markets are likely to pound the pound again so keep in touch with the team throughout the day for any updates concerning your upcoming currency transfer.