Sterling report and forecast 27th January 2010

Sterling has had a rocky 7 days on the markets and it looks set to continue with a number of interesting maybe more news based releases due to come out over the week.

Obviously the key one of the week is the U.K officially coming out of a recession yesterday, however we just crept out of one so good news on paper but in general there is still plenty to be done.

The Iraq inquiry is also set to be a very interesting time for the Pound as there will be some extremely heavy questioning, especially for Tony Blair, and with the U.K still having a Labour Government still in power this may lead to political uncertainty which in turn could bring Sterling weakness.

This is a brief summary of todays report for further information on the currency markets or if you have an upcoming transfer to make and want to discuss the options available to you call Daniel Wright on 01494 787462 or click here to email me djw@currencies.co.uk

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[09:07:23] Chris Knights:

Sterling strength as confidence in the Pound still seems to remain high - recession or no recession! GBP EUR USD AUD NZD SEK CHF DKK

Yesterday's trading saw a surprise increase in the value of Sterling against a basket of major currencies as it seems that although we are still quite clearly in a recession investors still have confidence in the U.K

My personal opinion has been for a while that Sterling is undervalued and we have taken more of a hit than we should have during the global situation however things may dip once again before they get better.

This feeling may now be echoed by major investors hence the marked improvement in rates over the past 24 hours when economic data has been thin.


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U.K to officially come out of recession this morning?? Sterling set to have a strong day??? early morning gains for GBP against EUR USD AUD NZD SEK

Sterling has started off Friday morning making gains against a basket of major currencies ahead of Gross Domestic Product figures due out shortly at 09:30am.

A economy officially enters a recession when GDP records two concecutive quarters of negative growth and they are officially out of the recession once that particular economy records just one quarter of 0% or positive growth.

Expectations are for our GDP figures to come out at 0.20% growth this morning which would mean the U.K is officially out of the recession, however as I'm sure many of you are aware even though the figures don't lie there is still a long long way before we really see a real recovery.

One would imagine that should figures come out as expected (or higher) then Sterling should have a really positive day as confidence in the Pound increases, however should figure come out worse or even more should we see negative again and still be locked in this recession for another three months I would expect the Pound to plummet.

In short an extremely volatile day is predicted one way or another on markets and my personal opinion is after seeing manufacturing data being poor alongside retail sales we could be set for weakness.

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

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U.K GDP Figures expected soon - GBP to continue slide?

An interesteing morning is expected on the markets this morning as revised Gross Domestic Product figures are due to be released at 09:30am.

Personally I believe that figures may come out slightly better than expected as most U.K data has not been terrible of late, however with the Business investment figures released yesterday being the worst since records began who knows exactly what will come of this data.

The Gross Domestic Product data is one of the most important releases on the market and will give an indication as to whether the U.K economy is growing or contracting and effectively once we see a positive figure for a quarter we are officailly out of the recession.

Germany, France and Japan have all recently announced this, however they did enter the recession slightly earlier and rely more on manufacturing rather than financial services like the U.K - this being one of the main reasons that we seem to have been hit a lot harder than most economies during these global problems.

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