Will today’s data release enable sterling to regain its footing in the market?

Widespread turmoil in the financial markets this week has seen mixed fortunes for sterling. With the so called “Great Fall of China” on Monday preceding a day of losses throughout European and US stocks, sterling fell to a two-month low against the euro on the back of short-term profit taking by investors. On the flip side, the British currency also rose to a one-month high against the US dollar, although it was unable to maintain these levels as the week progressed

With no economic data released from the UK throughout the week, sterling found itself under pressure against a resurgent US dollar as equities staged a recovery worldwide. Following Monday’s sharp fall against the euro, the British currency was able to pushed back marginally throughout the week, and the single currency was unable to hold onto its more advantageous position.

Today sees the first major data release from the UK of the week. Following a positive economic growth estimate earlier in the year, the second estimate of gross domestic product (GDP) is forecast to remain stable at 0.7% growth.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Source: Smartcurrencyexchange

Sterling’s brief respite against the markets ends

Another tough day for sterling on Wednesday saw it fall to a two-and-a-half week low against a strong US dollar, whilst slipping close to Monday’s lows against the euro. With markets drawing breath on Tuesday, sterling was able to make marginal gains against the euro and US dollar but these were then erased throughout Wednesday thanks to a resumption in European and British stock declines saw sterling struggle across the board. Comments by Federal Reserve member Dudley which suggested a September interest rate-hike in the US was unlikely, but this was largely ignored by the markets as sterling continued to weaken.

Today sees the release of preliminary economic growth figures from the US for the previous quarter. This could have a significant effect on the markets, with growth expected to pick up to 0.7% compared to the previous year.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Source:smartcurrencyexchange