Pound Sterling strength - forecast for today for GBP - EUR GBP - USD GBP - AUD GBP - NZD GBP - SEK GBP - CAD

Sterling has continued it's rally in early morning trading gaining ground against a basket of major currencies ahead of the retail sales data due out for the U.K at 09:30am.

Predictions are for a minor increase month on month and should we see this the Pound could gain further ground likewise worse than expected could lead to weakness.

There seems to be a 'feel good factor' with Sterling at the moment and even the usual figures that have been talking things down of late (Alistair Darling & Mervyn King) appear to have switched to the cup being half full as opposed to the half empty stance we have witnessed over the past few months - leading to the large losses we have seen.

It's a big day for the U.K tommorow as GDP (Gross Domestic Product) figures come out - This release should see the U.K officially out of a recession, which could lead to the ound capping the week off on a major high.... Obviously any release that differs from this could do quite the opposite and lead to large losses - it is certainly one to keep an eye on and comes out at 09:30am tommorow morning.

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GBP - EUR GBP - USD GBP - AUD GBP - ZAR GBP - NZD Interest rate decision day for the U.K

Sterling has started early morning trading off staying reasonably stable against most major currencies, although it has lost minor ground against the Australian Dollar due to unemployment DROPPING over there - quite a sign that they a seem to have managed to avoid major problems during this global situation.

The Pound has also gained once again gained a large amount of ground against the South African Rand and is 1.24% up at the time of writing this report - this looks to be due to South Africa's biggest union threatening to strike at state power utility Eskom from next week onwards essentially shutting down power accross the country to press wage demands.

Interest rate decisions are due out today at 12:00pm and 12:45pm for both the U.K and the Eurozone respectively and although no major movements in rates are expected any announcements on Quantitative easing for the U.K or hints for future economic stimulation in the head of the European Central banks speech afterwards may cause volatility.

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Daniel Wright

GBP - EUR GBP - USD GBP -AUD GBP -NZD GBP -ZAR and a basket other of major currencies - morning report

Good morning readers,

Sterling has started the day off without any major movements against the USD, EUR, AUD or NZD but quite a big movement has been seen against the ZAR.

Already in early mornings trading Sterling - Rand has gained nearly 1% which is quite a significant movement, and could mean quite a large difference on the cost of any upcoming purchase.

Data due out today includes some manufacturing data out for the U.K at 09:30am - following the extremely positive PMI (Purchasing Managers Index) release on Monday which caused Sterling strength, i would expect this release to also come out a little better than expected which could lead to further Sterling strength - although the currency markets do like to surprise us so be aware that anything can happen!!!

This is a brief summary of todays report. Click here to read the full report on our main website

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Have a great day and thanks for reading!

Daniel Wright