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Sterling ends another week on a low

By Michael Cooper July 8th, 2016

Sterling has fallen to fresh lows over the past week, thanks to lingering uncertainty over the UK’s future economic trade policy weighing heavily on the British currency. Purchasing managers’ index (PMI) data from both the construction and services industries disappointed, with construction growth showing the sharpest monthly contraction in three years. This, coupled with comments from Bank of England (BoE) Governor Mark Carney who advised that we could see a further cut in the UK interest rate from the current historic low, saw sterling fall to a fresh 1985 low against the US dollar. Sterling found little respite on Thursday, continuing a third straight successive day of losses versus the US dollar whilst trading largely flat against the euro.

No economic figures are due from the UK today, with attention turned to the US for their latest non-farms employment change data.

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