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Sterling falls across the board after data shows a slump in spending, will the downward trend continue? (Joseph Wright)
Economic data in the form of Retail Sales figures disappointed the foreign exchange markets this morning, and the Pound has fallen quite considerably across the board of the back of this data release.
The figures which are released by the Office for National Statistics (ONS) signaled that UK retail sales fell through the month of January. The figure released was -0.3% whereas economists had expected to see 0.9% which was particularly big drop on the expectation, and as a result the Pound has lost quite a large amount of value against most currency pairs.
I personally believe that now the UK government’s Brexit plan is out in the open and that markets are aware the formal initiation of the Brexit process will begin next week, economic data is suddenly being paid a lot more attention to. Up until recently it was Brexit related news updates/announcements and opinions which took the biggest toll on GBP exchange rates, but markets appear to have digested the ‘Hard Brexit’ approach and how the UK is performing economically is suddenly created swings within the Pound’s value.
If you’re planning on making a currency exchange involving the Pound and another major currency, I think planning your transaction around key data releases is crucial at the moment and this is where I can help.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
You can also call on 01494 787 478 if you wish to discuss your requirement straight away, just ask one of the dealing team to speak with Joe if I don’t answer myself.
Source: http://www.poundsterlingforecast.com/2017/02/17/sterling-falls-across-the-board-after-data-shows-a-slump-in-spending-will-the-downward-trend-continue-joseph-wright/
