Sterling strength continues

The Pound has continued to gain ground against a basket of major currencies in this mornings trading as confidence in the U.K is seemingly continuing to grow.

With the upcoming election on May 6th be sure to expect some extremely volatile markets with investors hanging onto every poll for hope of an indication as to who may be edging closer to taking power.

Should we get closer to the big day and the prospect of a hung parliament still be well and truely in place then I would expect the Pound to struggle however should the conservatives start to pull away and the likelyhood of a majority win for them look like a foregone conclusion then I would not be surprised to see the Pound rally.

There will be fantastic opportunities both to buy and sell the Pound in the coming weeks and if you have an upcoming transaction to make then you need to be in the position to act fast.

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Sterling strength - The start of a fightback???? Pound gains on USD EUR AUD DKK HKD

Good morning readers and I hope you had a great weekend.....

Sterling has started off the week making gains against a basket of major currencies, most noticeably against the Dollar, gaining 1.21% at the time of writing this email and hitting Three month highs.

This poses the question - will these gains continue over the course of the week??

Data due out in the early part of this week is relatively thin on the ground for the U.K however Wednesday that all changes completely.

Wednesday sees the release of unemployment data in the morning, we also see the Bank of England inflation letter which details how they plan to combat the economic situation going forward and also BOE governor Mervyn King speaks - as the markets move on rumour as well as fact any hint of what he sees ahead or comments regarding the economy may cause volatility.

The U.S also have a flurry of data out over the course of the week so expect movements between these two currencies, the potential to break 1.70 again is certainly there...

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Daniel Wright

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.

This is a brief summary of todays report, should you wish to know more email me directly or click bolw to read the latest update on our website. Email Me
I will ensure I get back to you as soon as possible to discuss the options available to you. Click here to read the full report on our main website

If you have the need to send money overseas or bring money into the U.K and want the best exchange rates and a great service just click on the links below to go straight to our main site and click on the register now button to open a free no obligation trading facility quoting DANIEL WRIGHT as your point of contact.

Have a great day and thanks for reading!

Daniel Wright