Sterling had a positive day yesterday, despite a lack of significant UK data releases. The UK currency made gains against most of its major partners, thanks largely to speculation over today’s key data, the UK preliminary growth figures. Investors have been looking to this figure as the most important data for the week, with analysts believing that this will show another expansion, with growth for the quarter of 0.7% and for the year of 1.9%, which will be the first full year of growth since 2007 and the start of the financial crisis. As a result, all eyes will be on this sole release of interest from the UK for the day and we may well see rapid movements in sterling around the time of the release at 9.30am.
We saw last week how quick sterling could move on the release of good news or on comments from Mark Carney on what factors will influence interest rate decisions. And these movements were significant and you need to be in the best position to handle and/or benefit from those moves by talking to us sooner rather than later. Therefore if you are thinking of buying or selling sterling, get in touch with your trader now for the latest rates, as investors hope to see further evidence of the sustained UK economic recovery.