Currency Note Sterling

No supportive data sees Sterling struggle

By Ricky Bean May 29th, 2014

Sterling struggled again as lack of economic data from the UK saw the currency continue to slide across the board. This saw sterling fall for a fourth straight day against the euro, and near a two-week low against the US dollar as investors’ enthusiasm for sterling waned. The only data of note from the UK showed that an index of retail sales growth had slowed throughout May, missing its forecast target. Despite this, sterling continues to be the best-performing of the major currencies throughout the past year, and remains attractively positioned against both the euro and US dollar. The focus will today be on the US, where growth figures and labour data are likely to have the largest impact on markets. This could, in turn, affect sterling strength.

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