Sterling Exchange Rate Outlook
For the remainder of the week there is very little economic data for Sterling with retail sales and mortgage approval figures due to be announced tomorrow, so as a result the market will be awaiting the Gross Domestic Product (GDP) figures which are set to be released on Tuesday next week. These GDP figures are key as they will give an indication as to how strong the growth in the UK economy was in the first quarter of this year and the expectation is that they will show strong figures which could provide Sterling with a boost against most the major currencies. Tomorrow’s mortgage approvals and retail sales are also both expected to show an improvement on last month and so if they do come out as strong as expected or potentially even stronger it could be the catalyst to see Sterling exchange rates push up towards the high levels we have seen this year which is over 1.68 against the USD and over 1.22 against the Euro. however, as with all economic data sets there are no guarantees and if the data is not as strong as expected then we could see the rates weaken.
So, with some key data for Sterling due for release tomorrow and possibly most noteably on Tuesday it is worth speaking with an experienced currency broker so you can discuss your currency requirements, the market outlook and the options available to you.