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Posted July 24th, 2013 by Charles Purdy

Sterling steady as we await UK Growth data tomorrow | Smart Daily Currency Note

GBP/EUR – 1.1642

Sterling traded within a narrower range yesterday as we saw a decrease in volatility across the currency markets. The pound has made reasonably consistent gains since last week’s Monetary Policy Committee meeting minutes were released. A report from the British Bankers’ Association released yesterday morning showed that UK mortgage approvals increased during June, although this increase was marginally lower than expected. As a result, the data had little overall effect and sterling made good the slight losses it experienced earlier in the day against the US dollar and weakened very slightly against the euro. Preliminary UK growth data for the second quarter will be released tomorrow and is likely to have a strong bearing on performance as investors look to ascertain how much faith to put in a sustained economic recovery for the UK. Ahead of that, the Confederation of British Industry releases data detailing expected industrial orders over the next three months this morning, which may also have cause a degree of volatility. Call in now to see how sterling reacts.

The euro performed reasonably well yesterday, making modest gains against sterling and the US dollar. Consumer confidence data came through marginally better than expected, which fared well for the single currency. Having experienced little in the way of influential data coming from the Eurozone when compared with the UK and US, today sees a buck in the trend as investors will look to German and French Flash Manufacturing data as key indicators of economic strength. Marginal contraction is predicted in both countries, however varying figures, especially emanating from Germany could give rise to sharp movement. Call in now to see how to track the reaction from the euro.

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