Sterling had a relatively good day on Monday, appreciating against most of its major trade partners, although it did slip against the US dollar. Data released in the morning showed that the manufacturing industry had grown throughout the previous month in line with the projected rate. This further highlighted the recent strength in sterling and, together with broad selling pressure on the euro in advance of the rate decision by the European Central Bank (ECB), saw sterling appreciate against the single currency. Performance against the dollar was less promising, with the dollar’s recent strong run continuing, despite a brief sterling rally earlier in the day.
Today sees data released which represents growth in the UK construction industry. Although this is likely to have a muted impact on the market, significant divergence from expectation will see sterling movement.
If you are looking to buy or sell sterling I suggest contacting your trader now for live rates, news and currency-purchasing strategies.