Sterling continues disappointing performance

Hi everyone,

Sterling is down 0.5% across most of the board today, as figures this morning showed the UK economy shrank by a much larger margin than forecast for the month of April. 

Both manufacturing and industrial production contracted heavily, which included a dramatic fall in car production with the UK. The reversal of stockpiling was always going to hurt the economy at some point after providing a boost previously. However, any figures that come out worse than forecast, will damage the Pounds position in this hyper-sensitive time. 

Tomorrow should help the £ if only a little, as the unemployment rate seeks to remain at record lows. Other than that, there isn't much to go on date-wise for the UK this week, leaving the Tory leadership contest to take centre stage. 

£-€ rates have fallen to a 5-month low now and look as though they are headed for 1.10, unless something dramatic happens with Brexit soon. £-$/AU$ are holding after expected negative interest rate cuts.




Upcoming Data


Tuesday, 11th June, 2019

08:30 UK - Jobless claims, weekly earnings & unemployment rate
12:30 US - PPI

Wednesday, 12th June, 2019

08:15 EU - ECB President Draghi conference 
11:00 US - Mortgage applications
12:30 US - CPI & average earnings
18:00 US - Monthly budget statement
23:00 UK - House price balance

Thursday, 13th June, 2019

06:00 EU - German CPI
09:00 EU - Euro-Zone industrial production
12:30 US - Import/Export price index & jobless claims

Friday, 14th June, 2019

06:00 EU - German wholesale price index
12:30 US - Retail sales
12:55 UK - BoE Governor Carney conference
13:15 US - Industrial & manufacturing production
14:00 US - Business inventories


Dan Waterman
Office Manager

Image Image
Governing Bodies and Registrations

Excel Currencies are a fully Authorised Payment Institution with the UK Financial Conduct Authority. ( Ref: 911228) and HM Revenue & Customs (MSB No: 12190705) as a Money Services Business. Excel Currencies ltd are also members of the UK Money Transfers Association (MTA) and the Association of International Property Professionals (AIPP).

Security of Funds

Excel Currencies ltd operate a Safeguarding Client Account System which protects all funds in these accounts against any liabilities that Excel Currencies ltd may have.

Excel Currencies Ltd, Enterprise House, 8 Essex Road, Dartford, Kent DA1 2AU

Registered in England and Wales, No. 05171054

Copyright © Excel Currencies Ltd 2023. All Rights Reserved.

Help Options Available

Contact Us

Live Chat OFF Live Chat ON