Sterling struggled yesterday, losing ground against its major trade partners. After recent sterling strength, yesterday’s release of minutes from the latest meeting of the Monetary Policy Committee (MPC) and better than expected data out of the Eurozone resulted in sterling weakness against both the euro and US dollar. Despite showing growing confidence in the recovery, the minutes revealed that officials were still unsure about the room left for growth in the British economy without generating inflation. This uncertainty caused sterling to fall from its recent multi-year highs.
Today sees little economic data of note released from the UK, with unemployment claims from the US likely to be the main event of the day which could affect sterling.
Thinking of buying or selling sterling? Contact your trader now for live rates and updates, as well as for currency-buying solutions.