Pound holds its ground in busy week

By Luke Dyson

For the week to date we have had a busy one for sterling regarding economic data releases. As a result have seen some volatility within its 2 cent range against the euro.

Starting with unemployment figures, better than expected coming in at 3.8% compared to the 4% expected, which helped bolster the pound’s strength.

On a not so positive note, we have also seen core CPI and GDP come in lower than expected. This hasn’t drastically caused a drop in the market, but we have seen a slight drop from the previous high earlier on in the week.

To start off today however we have seen a positive upswing, following very positive retails sales coming in at 3.4%, compared to the 1.5% forecasted.

Following all of this data it has certainly been a busy week for sterling. Although the data has been mixed, sterling is still holding its ground just below the 15-month high.

If you have any up and coming currency requirements, do consider taking advantage of the current rates. Sterling to euro is still at a potentially great buying opportunity, given the data released this week – and the news that the UK technically experienced a mild recession towards the end of 2023.

Your friendly team at A Place in the Sun Currency is on hand to guide you through the process of transferring money overseas.