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You are here: Home / British Sterling / Will Sterling’s charge continue?

Will Sterling’s charge continue?

September 18, 2017 by Lewis Edmonds

Will Sterling’s charge continue?

The Pound received a very welcome boost last week following comments that ‘some withdrawal of stimulus was likely to be appropriate over the coming months’ by Bank of England Governor Mark Carney and the Monetary Policy Committee member who was previously maybe the most dovish on interest rates, Gertjan Vlieghe. This certainly helped to solidify the comments and Sterling’s value which rose dramatically. Sterling has retreated ever so slightly today as investors have wound up bets this morning on both the Dollar and Euro from last week.

Economic data this week

This week the British consumer comes into focus as UK Retail Sales figures will be released on Wednesday. This is followed by Public Sector Net Borrowing figures that will be released on Thursday. Following last week’s interest rate news I would expect these economic releases to carry further importance and could create large swings in Sterling’s value if these are different from what is expected. A slight drop is expected in these figures but these are definitely two events to watch closely.

Sterling value for the rest of the week

The important focus this week will be on Theresa May’s speech scheduled for Friday. She is likely to address the Brexit negotiations that have been postponed to the week of September 25th.

Some of leading companies based in the UK have written a letter to the Confederation of British Industry (CBI) asking for a year 3 year transitional deal to protect the jobs in Britain and Europe. If Theresa May confirms this I wouldn’t be surprised to see Sterling’s value increase again.

It’s worth noting that previous speeches regarding Brexit have helped to strengthen Sterling’s value. In my opinion, I would expect Sterling to remain at current levels, 1.13 versus the Euro and 1.35 against the US Dollar as markets prepare for Friday.

Filed Under: British Sterling Tagged With: Bank of England (BoE), Brexit, GBPEUR, GBPUSD, Gertjan Vlieghe, Mark Carney, Pound strength, Retail Sales Data, Theresa May, UK Public Sector Net Borrowing

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Lewis Edmonds

When he is not offering insights into the what is happening on the currency markets Lewis manages key relationships for an authorised payment institution in the UK.

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