Better-than-expected economic growth throughout the previous quarter gave sterling brief respite, but could not prevent it from weakening against its major trading partners on Wednesday. Gross domestic product (GDP) figures released in the morning showed that the UK economy had grown by 0.6% in the months leading up to the EU referendum. This greater-than-expected growth was largely overlooked in the markets, with sterling falling as some analysts put the chances of a Bank of England (BoE) interest rate cut next week as high as 100%.
A quiet day for economic data releases from the UK lies ahead today, with markets most keenly awaiting US unemployment claims this afternoon.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.