Sterling fell sharply yesterday, by close to 2% against the US dollar and back to its lowest position since mid-November last year. Is there worse to come for sterling? Maybe, maybe not, but prudence would suggest to guard against…
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The US dollar made daily, weekly and monthly gains against sterling by the end of the business day on Monday as markets digested economic data.
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The Euro area’s latest retail trade data showed that trade increased by 0.3% following a downwardly revised 1.7% drop in December.
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Monday’s PMI reading pointed to the fastest pace of growth in the construction sector in almost a year, since last May. The results also showed that construction increased the most in nine months.
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On Monday, the S&P released its figures for construction PMI in the UK, which exceeded market expectations. The index for UK Construction PMI rose to 54.6, from 48.4 in January, and above forecasts of 49.1.
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While the US dollar has relinquished weekly gains against the pound and euro, investors will be looking to key data releases to see if they will have any impact.
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The single currency begins the week with confidence, extending gains made last week against a handful of big rivals. This includes sterling, the canadian dollar and the japanese yen.
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Though investors welcomed the UK and EU's agreement on post-Brexit trade last week, the pound begins the week with some mixed results against its rivals.
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