For what is going to be a busy week for data releases, here in the UK it started quietly with no significant data being released. This didn’t stop sterling though seeing some significant movement as a result of news elsewhere. It traded poorly against the euro throughout the morning, following a reduction in the level of inflation throughout the Eurozone. With pressure inevitably mounting on the European Central Bank (ECB) to cut interest rates, sterling recovered through the afternoon to finish at a similar level to where it started against the euro. Performance against the US dollar was more positive, with comments from Federal Chair Janet Yellen stating that the US economy is likely to require assistance for some time yet, sending sterling higher against the dollar. Today sees the release of the Purchasing Managers’ Index from the manufacturing industry, which gives an overview of business sentiment within the manufacturing industry. Results exceeding or undercutting expectations could cause sterling movement.
Looking to buy or sell sterling? Get in touch with your trader now for the latest rates, news and currency-buying solutions.