Following news yesterday that UK retail sales had contracted by 0.8% last month, which was more than expected, data from the Local Data Company has shown that the proportion of empty shops in Brtain has hit a new record high of 14.6%. These figures show the pressure the UK High Street is under and as the debate continues as to whether the UK will fall back into recession the strength of the UK retail sector will be a critical factor. If we can see an improvement in retail sales, in other words the public start spending money, it could give the UK a fighting chance to get avoid recession however should the current trend continue and more shops become vacated then the chances of recession increases as does the chance of Sterling exchange rates weakening.
Later today UK mortgage approvals is released which will give a good insight into the UK housing market which, like the retail sales figures, can have a major impact on Sterling currency rates and the UK economy as a whole. Other data out today is in Canada with Consumer Price Index released which will provide insight into inflation levels which could cause some volatility for Sterling Canadian Dollar exchange rates.
If you need to transfer money overseas and are looking for exceptional exchange rates speak to one of our experienced currency brokers today on 0800 328 5884 or email firstname.lastname@example.org so we can discuss your requirements and the options available to you.