Sterling fell sharply on Friday, bedding in the losses from earlier in the week and driving the pound to its lowest point since the beginning of summer against the euro.
Yesterday sterling dipped below $1.17 for the first time since the start of the pandemic in March 2020, and for similar reasons – a risk-off mood that is seeing investors flee less safe assets such as sterling. GBP/USD has recovered a little this morning, but remains close to its lowest point for a generation.
It’s a relatively quiet week for data, but later this morning we’ll have mortgage approval data, then house prices from the Nationwide on Thursday.
There is also a final reading for S&P Global manufacturing PMI which surprised the markets with 52.1 in the ‘flash’ reading and could potentially change.
GBP/USD past year
