Sterling traded largely sideways on Friday, with little significant movement seen against either the euro or US dollar. Yesterday was a bank holiday day in the US and the UK but we did see sterling gain against the US dollar and the euro.
Sterling is set for an important week as we see the release of the monthly Purchasing Managers’ Index (PMI) data. Following an overall disappointing PMI report last month, investors will be hoping for some improvement throughout May. Wednesday brings the release of data from the manufacturing industry, which is expected to show a contraction in the industry for the second month in a row. Construction data is set to be released on Thursday, while services figures will follow on Friday. Markets will be most keenly awaiting the release of services data, since this sector makes up the largest part of the UK economy.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.