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Weekly Roundup: Resilient UK services PMI fails to limit pound downside

currency-newsWeekly Roundup: Resilient UK services PMI fails to limit pound downside
The finalised UK services PMI for January offered the pound a little encouragement at the start of last week by suggesting that the economy started 2020 on a stronger footing.

Even so, GBP exchange rates remained largely biased to the downside as EU officials showed signs of taking a harder line on post-Brexit trade.

With a significant degree of uncertainty still hanging over the future of the UK economy demand for the pound proved generally muted.

A solid Halifax house price index helped to put a floor under GBP exchange rates ahead of the weekend, however, as the improvement fuelled hopes of a greater recovery in consumer confidence.

The mood towards the pound could sour once again on Tuesday, though, if the fourth quarter UK gross domestic product weakens as anticipated.

Evidence that economic growth stalled in the final three months of 2019 would give investors fresh incentive to sell out of the pound.

Unless the growth data surprises to the upside GBP exchange rates may struggle to hold onto any positive ground.
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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