Sterling saw a slight drop against the euro yesterday, as recent polls showed the Labour Party to be making gains against the Conservative Party, raising fears of a hung parliament. Poor manufacturing data also showed the sector shrank for the eight month, and factories are cutting jobs at the fastest rate since 2012. The pound is, however, stronger again this morning against the euro and the dollar, as the latest poll released shows a widening Conservative lead.
In the eurozone, manufacturing data came in relatively positively yesterday morning. The sector is still contracting, but at a slow rate than previous months.
In America, Donald Trump has announced a new wave of tariffs, this time on certain material imports from Argentina and Brazil.
There’s so much going on that’s completely unpredictable – a new poll or interview could easily cause a surprise movement in the pound, for instance. If you’re making a transfer over the next few months, don’t leave your money open to this risk. Use a forward contract to lock in the same rate for up to a year, so your money is worth the same. Speak to your Personal Trader on 020 7898 0541 first.
