020 7898 0500Tuesday was another miserable day for sterling, as the British currency lost significant ground against its major trading partners as a report showed underwhelming growth in the UK services industry. With the prospect of a UK interest rate cut hanging in the air, Bank of England governor Mark Carney presented the financial stability report on Tuesday. Despite Mr Carney acting to instil confidence in the UK banking sector, sterling plummeted to a fresh 1985 low against the US dollar, and continued the downward trend against the euro.
No significant economic data is expected from the UK today, but with the economic risks of Brexit ‘beginning to crystalise’ sterling could face further hardships throughout the week. We will however will be awaiting the effects of the outcome of the Tory party’s leadership ballot.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
