Sterling suffered a further setback on Wednesday as it fell to its lowest level in three weeks against both the euro and US dollar. A positive start to the day saw Purchasing Managers’ Index (PMI) data from the manufacturing industry surprise to the upside, with a figure of 50.1 demonstrating growth within the industry.
EU referendum polls continued to drive the market on Wednesday, and with the latest opinion polls suggesting a swing in sentiment towards the Leave camp, we could see a further decline in the value of sterling over the coming days.
PMI data from the construction industry will be released later today, and if we see another surprise to the upside there could be further ground for sterling to improve.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.