We could see some positive movement for the Pound to end the week, with Philip Hammond moving to reassure businesses over Brexit and expectations for some strong UK data. The table here displays market movements for a number of GBP currency pairs in the past week:
|Currency Pair||% Change||Difference on £200,000|
The UK Chancellor Philip Hammond in a speech yesterday delivered at the HSBC headquarters in London, played down the speech from the French Finance minister Bruno Le Maire by stating that the UK could reject a deal that didn’t include Financial Services. Hammond pointed out that if the UK was to lose much of its main industry EU capitals wouldn’t be set to gain and that New York, Singapore and Hong Kong were likely to benefit most.
There has been a sentiment especially from French leaders with attempts to go after the UK’s financial services. This could explain why the UK’s negotiating team are proving quick to push back as in the end each nation within the European Union only have one vote each. The focus of certain nations is slowly proving clearer as individual countries have more to gain.
There will be another significant round of data for the UK tomorrow with Industrial and Manufacturing Production set to be released at 9.30 in the morning. All of the readings are expected to show a improvement from the previous showing that the UK continues to demonstrate strength.
There has been a improvement in sentiment over the past few months and this should now come through in figures and could provide a boost for Sterling to end the week. The pound has struggled this week and any gains tomorrow would only really be making up lost ground against most major currencies.
The GBP/EUR did move back into the 1.12’s at the close of play yesterday and towards the end of this week we may see a slightly positive trend after a significant fall these past few days. If you do have a upcoming requirement make sure you’re in contact with your broker so that you’re in a position to capitalise on any movements in you favour.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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