Sterling struggled throughout Monday as it resumed the trend of recent weeks and fell against the majority of its major trade partners. Following three days of gains against both the euro and US dollar towards the end of last week, fresh fears surrounding a possible UK exit from the Eurozone affected sterling on Monday as it struggled to hold onto one-week highs against these currencies. With little economic data of note released from across the board, markets were relatively quiet throughout early trading. After Bank of England (BoE) committee member Forbes stated that low labour costs will need to increase in order to exert inflationary pressure, sterling lost support and fell back towards the six-year low seen recently against the US dollar.
Today is another relatively quiet day for economic data releases, with investors awaiting the testimony of BoE Governor Carney with regard to the financial stability report this morning. Should he touch upon monetary policy, we could see significant movement in the market.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currenc