Sterling Remains Strong Against the USD and EUR
Following some worse than expected Gross Domestic Product (GDP) figures for the US yesterday and some negative inflation figures for the Eurozone we saw the Pound push up to some high levels against these two currencies. As a result we saw a four year high against the Dollar meaning it is currently an excellent opportunity to buy USD while there were some spikes against the Euro yesterday which were short lived but again showed that a well timed transfer can result in significant savings for those clients that are in close contact with their currency broker.
Today, the day is quieter for economic data with most of Europe closed for Labour day meaning the main focus will be on the UK and the US. This morning we have already seen UK manufacturing PMI come out stronger than expected which has provided Sterling with a boost as well as some strong housing figures from the Nationwide. This afternoon the focus shifts across the Pond to the States with a speech from Janet Yellen at 13:30 we well as manufacturing figures, jobless numbers and personal consumption data all of which will go to paint a pretty clear picture of how the US economy is performing and therefore will provide some volatility for Sterling Dollar exchange rates.
So, if you need to transfer funds internationally and are looking for the best exchange rates make sure you stay in close contact with your currency broker or to follow the live exchange rates click here.