A difficult week for sterling saw it lose and then regain ground across the board ahead of next week’s referendum on EU membership. With the campaign to leave the EU edging ahead in the latest opinion polls, sterling struggled at the start of the week, falling to the lowest level in three months against the euro on Tuesday. A better-than-expected jobs report did provide a boost for sterling on Wednesday, with unemployment falling to the lowest level in 10 years as opinion polls showed a tightening in public sentiment.
Despite retail sales once again beating the forecast level to show 0.9% growth compared to the previous month, sterling found itself under further pressure on Thursday as it fell to fresh three-month lows against both the euro and US dollar before staging a mini recovery later in the day.
No significant data is expected from the UK today, with investor focus likely to be taken by further news surrounding the EU referendum.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.