UK Economy continues to perform poorly..

10-08-2017

Over the last few weeks the Pound has continued to decline against almost all major currencies and doesn’t appear to be climbing back up any time soon. A host of poor economic data including this mornings worse than expected trade balance figures and minimal industrial production figures have contributed to keeping the pound firmly down around 1.105 (GBPEURO mid market level).

With analysts beginning to comment that the UK housing market is starting to stagnate and foreign investment is beginning to slow, the outlook for the Pound is looking decidedly negative. Brexit negotiations will continue to be the major factor in the weeks and months ahead and news on progress will likely cause swings as information is released.

Across the pond rising tensions with North Korea and Russia are damaging the dollars strength with GBP to US dollar hovering around 1.30 at the time of writing this blog. However strong productivity and improving employment may help to repair some of this damage though if military action is taken against North Korea some major swings are likely.

The European economy continues to grow steadily in stark contrast to the UK’s faltering data. The positive data is accompanied by a more stable political environment to boot. France’s government unveiled its reform agenda, which focuses on rekindling finances and boosting growth, as politics are finally in the rear view mirror following a long election cycle. Greece is moving closer to financial independence after returning to financial markets and following the EU Commission’s recommendation for the Union to end the country’s Excessive Deficit Program. This continued Euro strength is likely to also add pressure to the Pound and keep it firmly down.

If you are traveling in the next few months current levels are likely to be the best consumers are likely to get and the time to strike may be now. If you have any questions or need advice on a particular currency exchange please feel free to email me at accounts@currencydeals4u.co.uk.

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