Currency Note Sterling

Sterling does well despite poor data yesterday

By Ricky Bean April 21st, 2016

Sterling traded largely sideways on Wednesday, losing little ground against its major trading partners despite a disappointing labour report being released in the morning. Following the assertion by Bank of England (BoE) Governor Carney on Tuesday that UK interest rates could indeed move closer to 0%, the slowest rate of wage growth in a year could have seen sterling weaken significantly. However, this disappointing wage growth of 1.8% was largely overlooked by investors as sterling idled close to three-week highs against both the euro and US dollar.

Today sees attention shift to the Eurozone, where the European Central Bank (ECB) press conference will reveal the central bank’s thoughts on future monetary policy. However, investors will be alert as BoE Governor Carney speaks later in the day.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.