It’s been a pretty quiet week once again for the UK economy.
There have been no major economic data releases, events or political activity.
Sterling has to therefore benefitted from a comparatively negative week across the other side of the Atlantic.
This week saw ‘worse than expected’ manufacturing and employment data which has had an impact on the standing of USD.
We have also seen the Fed Chairman deliver a speech yesterday suggesting that interest rate rises would start to slow from December, something the market hasn’t taken particularly well.
Sterling looks to end the week up three points in value to 1.23, a rate we’ve not seen since the Summer.
Against the Euro, Sterling has stayed pretty much at a similar level with no real movements either way.
Next week should be relatively calm and quiet as all eyes turn to w/c 12th December when the Fed, the ECB and the BoE announce their respective interest rate decisions.
