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Weekly Roundup: Pound undermined by political uncertainty

currency-newsWeekly Roundup: Pound undermined by political uncertainty
The pound found itself on the defensive through much of last week as the Conservative leadership race officially got underway.

This stoked political jitters particularly amid questions some candidates’ economic plans.

One brief bright spot for the Pound was the publication of the UK’s latest GDP figures, which shocked investors by reporting the UK economy expanded by 0.5% in May. 

While political jitters may continue to influence GBP exchange rates, a glut of high-impact UK macroeconomic releases may lead to the pound being more data driven this week.

The most notable release is likely to be the UK’s consumer price index, with June’s release forecast to report another uptick in inflation. Will this bolster Bank of England (BoE) rate hike expectations or raise additional concerns over the UK’s cost of living crisis?

Also in focus at the start of the week will be the UK’s latest jobs data, with another lacklustre wage growth reading potentially piling more pressure on Sterling.

The end of the week will then see the release of the latest retail sales and PMI figures, which could raise additional concerns over the UK’s economic trajectory if they underperform.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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