Sterling continues to steadily climb

Hi everyone,

 

The Pound has today extended its recent gains, after PMI figures this morning performed better than expected. The data showed that although the UK economy is in contraction, it's more robust than most first thought. In fact, not only did all the readings beat estimates, they also beat last month's numbers. 

 

Good news then for anyone with £ to sell now and in the short-term. Currently, GBP v USD is trading at a clear 3-month high and so represents a favourable time to exchange. The steadier GBP v EUR, only trades at a 3-week high, but is edging closer to 2022's average rate. The former pair is still showing an enormous 11% drop in the last year with the latter down 3% on the year. However, the picture just 2-months ago was looking a whole lot worse..

 

Positive global sentiment has aided in the £'s recovery of late, as has the political stability. The constant barrage of bad news for the UK, seems to have past (for now). It means Sterling is able to perform without the shackles on and is finding some consistency in the market. We expect the rebound to continue for the Pound for the time being, but would suggest current levels are worth hedging on. 

 

 
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