The Pound hit a 2 month high against the Euro during yesterday’s trading session, and this morning the currency strengthened even further trading in the 1.17s. The main reason for this uplift in Sterling’s value is further positive news for the UK economy.

Yesterday economic data showed that British retail sales jumped in October, with annual sales growth hitting its highest level in 14 years.

It’s worth noting that economic data from within the UK has done little to move Sterling exchange rates recently, as politics and how the upcoming Brexit will take place have been the main drivers of the Pound’s value. With that being said, yesterday’s data did help push up Sterling’s value and November has seen a real turnaround in the Pounds performance vs the other major currency pairs.

Those planning on taking advantage of the Pounds recent gain in value should keep a close eye on political updates regarding the UK and the Brexit, as any talk of a ‘Hard Brexit’ is likely to weaken the Pounds value, wiping away the recent gains. This afternoon we’ve seen quite a sell-off on the Pound which isn’t unusual but it has taken a cent off of the Pounds value vs the Euro which just shows the importance of timing your trades.

Those hoping for a stronger Pound should also closely monitor the governments ongoing appeal against the High Court’s recent ruling that Parliamentary approval will be needed before initiating the Brexit. If the appeal is successful I expect the Pound to lose value, and feel free to get in touch if you wish to be kept up to date with how this event unfolds.