Sterling is enjoying a strong run and continued to outperform on Friday, maintaining a strong position against its major currency partners. It reached 1.67 against the US dollar – a three-and-a-half year high – and moved close to a one-year high against the euro, as construction output from the UK grew in December.
Looking to the week ahead, there are a number of data releases which could sway sterling’s strength. Tuesday sees the release of key inflation data in the yearly consumer price index while Wednesday’s release of unemployment rates and the results of key Monetary Policy Commission votes could prove influential. The week comes to a close with monthly retail sales figures on Friday, which may also result in market shifts.
Wondering whether to buy or sell sterling now? Call your trader now for the latest rates, updates and guidance in what promises to be another busy week for data releases and possible rapid and significant movement in sterling exchange rates.