Sterling weakened slightly against the euro yesterday, slipping from the highs seen at the beginning of this week. However, it has gained some ground this morning following better-than-expected PMI data yesterday, which showed that British businesses have experienced the fastest growth in new orders since June.
It was a similar story for PMI figures from the eurozone, which showed that both the services and manufacturing industries have performed above expectations this month. However, the survey also revealed that businesses are worries about the recent rise in COVID-19 cases.
There will be a flurry of data releases in the US today before the Thanksgiving holiday tomorrow. These will culminate in the release of the Federal Reserve’s latest meeting minutes and the markets will be listening closely for comments surrounding tapering and interest rates.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
