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Weekly Roundup: Pound seesaws on mixed data

currency-newsWeekly Roundup: Pound seesaws on mixed data
The pound opened last week on a positive note, with Sterling sentiment being bolstered by speculation the Bank of England (BoE) could raise interest rates by 50bps at its August meeting. 

However a series of mixed macroeconomic releases then saw the pound trade erratically through the rest of the week.

This began with the UK’s latest jobs data, after May’s figures reported a record fall in real pay. Coupled with data showing domestic inflation climbed to a new 40-year high last month, this stoked cost of living concerns and dragged on GBP exchange rates.

The second half of the week then saw Sterling waver amid fresh political uncertainty as the Conservative leadership race entered the final round.

The end of the week then saw some surprisingly robust UK PMI releases help to counteract a contraction in UK retail sales and allowed the pound to tick higher against many of its peers.

Turning to this week, in the absence of any notable UK data is likely we will see GBP investors turn their focus back to UK politics, with the uncertainty of the Tory leadership race potentially infusing volatility into GBP exchange rates.
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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