Pound Sterling Forecast – Today may be key for Sterling exchange rates however I feel it may be yet another non event!

This morning we have another revision of second quarter GDP figures for the U.K and expectations are for there to be no changes anything other than this could lead to either a short spike for the Pound or Sterling weakness.

Gross Domestic Product essentially is how much an economy grew or shrank during a specific period and two consecutive quarters of negative growth places an economy in a recession (Just what we find ourselves in at present) and the key to officially being out of a recession is having one quarter of zero or positive growth -0.5% is still quite a way away from that so any improvement gives us a greater chance of creeping out of a recession in the third quarter of 2012.

I think the key for Sterling Exchange rates against other major currencies today will be what is going on elsewhere around the globe as we currently have riots in Spain and Greece and a flurry of data from the States due out over the next 24 hours.

Things have been a little quieter in South Africa and the South African Rand has gained back a little strength accordingly and I expect quite a lot to come out from Australia in the next week or two as the first few weeks of the month do tend to have a lot more in terms of economic data we also will see interest rate decisions across the board.

There is indeed an awful lot going on across the world at present, I even heard over the weekend that in Valencia many of the pharmacies are owed huge amounts of money by the Government for medicines and aid they have been giving out and the debt is racking up – Sooner or later this has to cause major complications and personally although many areas of Spain have requested bailouts I think there is no way of avoiding a full scale Spanish bailout in the coming weeks and months.

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