Economic data for the UK that was released towards the end of the week exceeded expectation and consequently the pound has remained strong against all of the major currencies. Unemployment has dropped to an 11 year low and monthly Retail Sales numbers were up 1.5% compared to the previous.
The main talking point this week for sterling exchange rates will be the Autumn statement by Chancellor Philip Hammond. The Chancellor has already stated that the UK economy must be ‘watertight’ as Brexit negotiations in the upcoming months will have a major impact on the pound.
I wouldn’t be surprised to see Mr Hammond remain positive whilst given his statement and continue to state that the UK need to seize the opportunities of leaving the European Union. However the statement itself could put pressure on the pound and therefore the gains we have seen for the pound since Donald Trump become President of the US could be reversed.
When purchasing currency it’s crucial to analyse both the currencies you will be trading, as there could be spikes in the market to take advantage of.
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