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Weekly Currency Forecast

Weekly Financial Update

The pound has held quite steady in the past week or so... Considering.
Yes, considering last week again bought us a lot of in fighting in the government. This seems to be the norm of late and has thrown the conservative part into disarray and threatened Prime minister May’s tenure. This is definitely a wait and see situation, but the uncertainty will weigh on the pound for sure. How resilient it will be in these circumstances is something we will have to watch carefully.

This week the economic figures that are out are quite important. These include inflation and retail sales. And, then we have the added bonus of good old BREXIT, where talks are sometimes alleged to be going well, and where talks are sometimes alleged to be going bad. Lots more of that to come and plenty of twists and turns.

The short-term direction of the pound will be based on these events and for that period it’s really hard to call. Overall we still feel weakness, but acknowledge the fact the sterling has held in well considering the so-called bad news. No one knows how it will react if more bad news comes our way, but we have to applaud the pound for holding up well... So far!

It really boils down to event risk this week. The economic figures will need to be watched carefully and the markets reaction gauged. Its not all eyes on Sterling. Look out for some USD moves also and beware that the Euro is also a little under pressure which may help Sterling.

So a few things to keep your eyes on this week! Don’t get too greedy if sterling goes up, it could be short lived.

Have a good week.

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0 #1 DAVID PIMBLETT 2017-09-03 11:35
The main problem for the £ is the unswerving actions of the Governor of the BOE ( Carney) who seems to want Brexit to be a disaster as he forcast. He cannot abide to be seen to be wrong - .5% increase in the bank rate would solve a lot of problems but he is as stubborn as a mule ,