Sterling continues to hover close to its highest point since last August against the euro, where it has been for the last week. That’s 1% above last Monday and a good 1.3% above where it was a month ago.
Worth locking in with a forward contract? Why not discuss your options with your trader on 020 8108 5163.
Last week various sets of economic data sent the markets in all sorts of directions, with unemployment rising and retail sales sinking both being negative for sterling, but strong earnings overtaking falling inflation at last, strengthening the pound. Overall, however, it was positive.
This is unlikely to be such a lively week – at least, there is less scheduled data, but who know what will appear. At the end of the week central bankers head to Jackson Hole, a small town in Wyoming, where US Federal Reserve Chair Jerome Powell will make a speech on Friday about monetary policy, that could affect not just the US dollar.
Before then, we have the Purchasing Managers’ Index (PMI) on Wednesday, pretty much across the world. It’s regarded as one of the best gauges of future economic performance and can easily move the market, and usually does.
Do contact your trader before then if you are committed to a transaction overseas.
Finally, a quick reminder of our new referral bonus, entry to a prize draw with a £500 Airbnb gift card with every referral. That’s on top of the usual £50 credit for you and the person you refer.
