Sterling failed to capitalise on the positive economic data released throughout the week, and fell heavily across the board on Friday. Speculation that the UK may not enact Article 50 until as late as April 2017 compounded sterling’s woes, and saw the currency slump once again.
A relatively quiet week lies ahead for sterling, with attention turned to the US and Europe for economic data releases throughout the early part of the week. Thursday will bring the release of realised sales figures from the Confederation of British Industry, which may further support the significant jump in retail sales recorded last week. Friday’s second estimate of economic growth will provide the main point of interest for sterling investors this week however, with growth of 0.6% forecast throughout the previous quarter. Outside of this, the focus will be on the Federal Reserve Chair Janet Yellen on Friday where investors will look for clues as to when the US may look to next raise interest rates.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.