Very busy week for data, will it support or undermine sterling?
By Smart Currency September 30th, 2013
Sterling enjoyed a good end to the week, thanks to words of support on the UK economy from the Governor of the Bank of England Mark Carney in a UK newspaper. He stated that he felt the asset purchasing levels were adequate, and no more stimulus was needed, highlighting that the recovery was going well. As such, the pound made gains against 14 of its 16 largest trading partners, heading towards 2013 highs against the US dollar and the euro. Today is a timid start to the week, with the mildly influential data being net lending to individuals. Tomorrow picks it up a little, as the manufacturing purchasing managers index (PMI) is to be released. Wednesday is the turn of the construction PMI, with Thursday completing the trio as services PMI data is due. As seen recently, positive data from these areas can have a big impact on the strength of the currency, and so investors will be keen to hear the figures this time around. Friday then draws a blank, as sterling could see the week end on a flat note although you would expect volatility as key figures will be released from the US. Get in touch with your trader now, as we enter a new week with consistent points of interest.