This appears to be down to two things... Firstly a report came out over the weekend saying that the U.K may not increase interest rates above 2% within the next 5 years, due to inflation pressures.
Interest rate hikes generally have a positive effect on the currency concerned and a cut in rates generally a negative effect, so news that we may not see many hikes over a long period of time has obviously led to weakness.
Alongside this release over the course of the day MP's shall be finding out how much of their expenses are due to be paid back, political certainty is one of the four points of the currency compass along with economic stability, acts of terror and acts of god. Any big shocks from the more prominent members may lead to further Sterling weakness.
This is a brief summary of todays report, should you wish to make a currency enquiry Email Me
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Have a great day and thanks for reading!
Daniel Wright
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