Sterling suffered another dip against the dollar this morning as UK retail sales figures missed expectations. The pound lost almost half a cent when the numbers were released but soon clawed back the lost ground as existing home sales figures from the States also fell short.
For a free currency consultation click here.
Although the UK economy has been performing well in recent months, todays retail figures (which showed sales had dropped by 1.5% in January), coupled with the rise in unemployment we witnessed on Wednesday, prove we should not get to carried away with Sterling's recent rise.
I think the pound has got off lightly this week, as it stands Sterling is only down just over a cent since trading opened on Monday. Had the U.S. met some of their key economic data releases we could have easily seen exchange rates fall back below $1.65.
To target a rate of exchange click here.
It just goes to prove just how difficult it is to try and predict which way the FX markets are going to move. I don't think anyone expected unemployment in the UK to rise this week and if we see a surprise drop in the UK GDP estimate on Wednesday I would expect to see even more volatility.
If you are looking to buy or sell dollars in the next few months it is important to know what tools are available to help you make the most from your transfer. That's where I come in, with a range of currency contracts at my disposal I can help you secure a rate of exchange for up to two years into the future, or look to protect you from any adverse market movements.
For more information on the types of contract I can offer, or to find out how much money I can save you, use the link below to complete the contact from or call me directly on 0044 (0) 1442 892 065 for a free, no-obligation consultation.
Click here to complete the contact form.
