020 7898 0500Sterling lost ground yesterday as a raft of disappointing data dented enthusiasm for the country’s economy and its recovery. Early on in the day, monthly manufacturing production, trade balance and industrial production data all came out worse than predicted, and as a result the pound made losses against all of its most traded partner currencies, including a fall below the 1.60 level against the US dollar and 1.18 against the euro. Later on in the day, a Growth estimate for the UK economy did manage to curtail the losses somewhat, but this still only managed the expected level, and no more. Today’s talking point for sterling will be the Asset Purchase Facility and the Official Bank Rate, as well as the related statement from the Monetary Policy Committee. Any variance from the expected outcome of no change in either would likely see this reflected in the rate. Call your trader now for the latest sterling rates, as the currency try’s to regain lost ground.
