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The British Pound notched a weekly advance against the Euro but it was the Dollar that remains dominant in global FX, but two key economic reports could boost the UK currency if they beat expectations.
A mixed performance over the past week suggests investors are yet to be convinced the Pound is ready to put the sharp declines endured in the wake of the Bank of England’s November policy decision behind it.
“The pound has settled above its recent lows vs. both the USD and the EUR, but it remains in a clearly weakened positioned,” says Jane Foley, Senior FX Strategist at Rabobank.
Above: GBP’s performance in the week ending Nov 12.
- Reference rates at publication:
GBP to EUR: 1.1718 GBP to USD: 1.3415
- High street bank rates (indicative): 1.1490 1.3140
- Payment specialist rates (indicative: 1.1660 1.3348
- Find out about specialist rates, here
- Or, set up an exchange rate alert, here