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Sterling Falls Despite Positive GDP Data (James Lovick)

Friday, October 28, 2016 1:09
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(Before It's News)

The pound is back on the slide taking another round of losses against the Euro this morning. Despite better than expected UK Gross Domestic product (GDP) figures released yesterday the pound took losses against all of the major currencies with GBP EUR down by 0.5%. UK GDP arrived at 0.5% which was higher than the 0.3% expected but still wasn’t enough to lend support to the pound. This was surprising as under normal circumstances the pound would have generally climbed considerably higher.

This all came on the day that Nissan confirmed its intentions to produce two new models of cars in the UK at the Sunderland plant which is welcome news for Britain. Again though it wasn’t enough to calm those Brexit jitters. Clients selling Euros are now very close to the highs seen in recent weeks and would be wise to consider moving sooner rather than later to take advantage of the current levels.

With no economic data for the UK today eyes look to EU consumer confidence figures released this morning. Next week however is more important with EU GDP figures on Monday and Purchasing Managers Index surveys for the UK Manufacturing, construction and services sectors. The Bank of England meeting is on Thursday where high volatility is to be expected. A rate cut seems considerably less likely after the healthy GDP numbers yesterday but anything could happen.

Clients who are buying Euros continue to feel the pinch and the outlook is not set to get better in the short term. If you have an upcoming Euro currency requirement either buying or selling and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on jll@currencies.co.uk

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