Sterling fell slightly against the euro on Friday, as investors maintained confidence in the single currency following the European Central Bank (ECB) press conference a day earlier. Performance against the US dollar was more turbulent, with sterling struggling on the back of positive non-farm payrolls data, which indicated increased employment in the US in the non-farm sectors.
The most important day for sterling this week looks to be Tuesday, which sees testimony from the Governor of the Bank of England (BoE), Mark Carney. This will be closely monitored for any indication of the central bank’s stance on inflation, as well as for any other factors that could influence economic outlook for the UK – and thus influence currency movements. Tuesday also sees the release of monthly manufacturing production figures, a sector which makes up 80% of the country’s total industrial production. These figures could cause significant market movement.
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