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Pound Ends Week 0.8% Stronger Against Euro And US Dollar

Published: 16 Aug at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Pound Dollar Exchange Rate,

This week has been one of more ups than downs for Sterling.

With the UK’s economic outlook brightened by several pieces of stronger-than-anticipated news the Pound is set to record a second consecutive 5-day gain against major rivals the US Dollar and Euro.

This week UK employment, housing and retail sales reports all trumped forecasts, and the Pound was able to advance to an eight-week high against the US Dollar as a result.

While the currency has eased away from the highs achieved over the last few days, as the weekend approaches Sterling is heading for a 0.8 per cent advance on both the common-currency and the ‘Greenback’ for the week from August 9th.

This month’s strong services, manufacturing and construction PMI for the UK have also gone a long way to supporting the British asset.

A lack of influential UK news is likely to limit Pound movement in the hours ahead, although GBP/USD fluctuations can be expected to occur in response to today’s US housing starts and consumer confidence figures. If the reports exceed estimates, speculation regarding the Federal Reserve tapering stimulus will be fuelled (boosting the US Dollar) and the Pound could pare its 5-day gain.

However, despite the strength exhibited by Sterling this week industry experts with Morgan Stanley are expecting the Pound to weaken by up to 5 per cent in the coming weeks as the Bank of England keeps rates on hold despite economic improvements.

Next week the biggest piece of UK news to watch out for will be GDP figures for the second quarter. The prediction is for quarter-on-quarter expansion of 0.6 per cent, following the first quarter growth of 0.3 per cent.