Currency Note Sterling

Yellen helps sterling “bounce”

By Ricky Bean June 7th, 2016

Sterling fell to two-week lows against both the euro and US dollar as a number of opinion polls released over the weekend showed the campaign to leave the EU ahead. With very little economic data released from around the world on Monday, sterling movements were largely dictated by investor sentiment. Overnight, sentiment seems to have changed as US Federal Reserve chair Janet Yellen stressed that any increase in US interest rates was data dependent and given the poor US non-farm payroll figures released on Friday and the uncertainty surrounding the UK referendum it seems unlikely to happen this month, thereby weakening the US dollar.

Another quiet day lies ahead in terms of significant data, with housing inflation data providing the only major point of interest from the UK this morning.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.