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Pound bolstered by domestic data

currency-newsPound bolstered by domestic data
The pound put in a strong performance last week as a lack of political upsets or Brexit developments led investors to focus on a slew of upbeat economic data from the UK.

Sterling got off to a strong start last week as Tuesday’s public sector borrowing figures easily beat expectations, with the public deficit narrowing to its lowest levels since March.

Extending these gains quite dramatically on Wednesday were the UK’s latest jobs figures, with GBP soaring as employment reached its highest levels on record and wage growth ticked higher than expected.

However, some unimpressive retail sales figures combined with an uptick in some of the other majors on Thursday caused the pound to relinquish some of Wednesday’s gains.

The week was capped off by the publication of the UK’s latest GDP reading, with faster than expected growth in the fourth quarter, granting Sterling some fleeting gains.

Looking ahead to this week, the release of the EU’s negotiating guidelines for a Brexit transition period could prompt some movement in the pound, with investors likely to welcome more clarity on what a transition period may look like.

Beyond this the release of the UK’s latest manufacturing PMI may strengthen Sterling in the second half of the week if activity rises in January as expected.
 
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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