Currency Note Sterling

Sterling has a difficult Monday

By Ricky Bean January 7th, 2014

Sterling had an up and down Monday at the start of the first full week of 2014. The UK currency struggled through early trading, as the purchasing managers index for the services sector failed to meet expectations, showing that growth in the sector had slowed. This downward movement continued following words from the Chancellor of the Exchequer George Osborne stating that spending cuts will be required after the next election in 2015. However, sterling did claw back some of its losses later in the day, thanks largely to events from elsewhere. Today, there is no hugely influential UK data due to impact the markets greatly, with the House Price Index the most significant on a quiet day for UK economic releases. Get in touch with your trader now for the latest sterling rates, after a mixed Monday for the UK currency.