Todays trading has seen a sharp rise for sterling across the board, great news for those of you who have upcoming requirements, but will it stick around at these levels for long.... its hard to tell with the current economic outlook in the U.K.
"The market was very heavily positioned for sterling weakness and was expecting weak data. They got the weak data, but sterling failed to go down, so I think some position adjustment is probably behind some of this move," said Ian Stannard, senior foreign exchange strategist at BNP Paribas.
This sudden rise has come as a bit of a surprise for many economists, and it may well be worth securing your currency sooner rather than later in order to secure the few extra glasses of wine you have earnt with this spike in the market.
If you have any questions regarding this report, or wish to discuss an upcoming requirement with an experienced broker that will talk on your level, please email me at djw@currencies.co.uk providing a telephone number and i will get in touch straight away.
Have a great day and thanks for reading!
Daniel Wright
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