There Were Frequent Changes of Direction for Sterling – Sterling Update

 

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There Were Frequent Changes of Direction for Sterling – Sterling Update

There were frequent changes of direction for sterling, including one day in first place among the major currencies and another at the back of the pack. The net result was a pound that was, on average, just about unchanged. Its best results were against the Swiss franc and Australian dollar, with gains of 0.8%. Its worst was the 0.6% that it lost to the Norwegian krone.

The UK economic data were a decidedly mixed bag, with surprises in both directions. September’s employment report showed payrolls returning to pre-pandemic levels, with more than a million people on furlough and a similar number of unfilled job vacancies. Inflation rose to a nine-year high of 3.1%, mainly as a result of cuts to VAT a year earlier in the eat-out-to-help-out campaign. On the debit side, UK retail sales unexpectedly fell 0.9% in August, leaving them flat on the year. Analysts had predicted monthly and annual increases of 0.5% and 2.7%.

Call moneycorp on +44 (0)20 3773 6355 for more information or to discuss your currency transfer requirements. Receive free transfers on all your payments. 

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Mar Bonnin-Palmer is a Senior Key Account Manager at Moneycorp and regular contributor to French Entrée Magazine. During her career as a lawyer based in London dealing mainly with British clients buying a property in Spain, Mar became very familiar with the process of purchasing abroad. Since 2006 she has been fully devoted to foreign exchange, dealing with private individuals and companies that need to make international payments.

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