Sterling has strengthened close to its highest against the dollar for a month and against the euro for six weeks.
With plenty still happening in the economic world and a psychodrama in British politics, it looks like a good rate to lock in with a forward contract. Which you can do with a call to your trader on 020 8108 5163.
Last week may have ended in political excitement and an early bath for Liz Truss, but in the meantime the economy has offered no surprises since Jeremy Hunt reversed the mini-Budget.
Retail sales were down in September by 6.9% on last year, (but if you remember a year ago there was a lot of cash sloshing about following 18 months of enforced staying at home and saving) and consumer confidence is higher than last month. At 10.30 this morning we’ll here about industry’s confidence with the Purchasing Managers’ Index (PMI).
The elephant in the room for the pound over the weekend has been the potential return of Boris Johnson. The markets are likely to welcome his decision to withdraw from the race, but we can still expect volatility around this afternoon’s cut off point for nominations for Conservative party leader, and prime minister.
Do consider locking in your rate before then. Don’t forget too, that our Quarterly Forecast came out last week and has some interesting predictions. Download it here.
