Broken the back of the week!
Relief, we were right! GBP has made a huge recovery now pushing GBPUSD and GBPEUR 2% higher. As mentioned in last weeks update we suggested that GBP sellers should hold off; now is the time to capitalise. Why? Yesterday UK manufacturing came out way better than expected, smashing expectations. Good to finally see some confidence behind our economy – if you’re purchasers of USD or EUR do get in touch
Just adding to the above the recovery has begun and we are really at a cross roads as to where we will close on Friday. Data is remaining robust with Retail Sales hitting expectations as per usual. As always a steady performer in the mix. All eyes on the federal reserve meeting later in the week.
German inflation is sky high, thus GBPEUR is looking the best it has all year. If we are going to stick our neck on the line I do believe this has more to go higher until the European Central Bank decide to continue to raise interest rates later next month.
Have a good day all; looking forward to hearing from you