Sterling Exchange Rate Overview
A busy week for Sterling exchange rates starts in earnest today with UK inflation data due this morning which could be a big market mover for the Pound. The expectation is for inflation to push up slightly moving back closer to the Bank of England’s 2% target level which could be good news for Sterling exchange rates. Also announced this morning we have seen Marks and Spencers announce dissapointing sales numbers which showed their profit was down by 3.9% and so was now producing less profit on a like to like basis compared to Next which was a really damaging announcement. It has been considered that M&S were the leading light of the UK high street and the overall performance of the UK’s retail sales but with other retailers now overtaking them it will pile more pressure onto one of the UK’s largest retailing institutions. Later this week we have overall retail sales figures for the UK and so with the recent dip from M&S it will be interesting to see how the UK high street has performed over the past month. At the time of writing Sterling is sitting at close to the highest levels we have seen against the EUR in the past 16 months which means there are currently some excellent opportunities to buy Euros.
So, if you need to buy Euros and you would like to discuss the current exchange rates you can call straight through to our trading floor for free on 0800 328 5884 or if calling from abroad call us on 0044 1494 725353.