UK Retail Figures give Pound a much needed Boost – Pound forecast (Daniel Charles Johnson)

AUD to GBP Sees Losses as UK Moves Ahead on Vaccines

GBP Forecast

The Pound has fallen substantially against most major currencies due to the Brexit vote. The majority of UK data has been poor and the pound has suffered as a result. The data that has come through has been predominantly  pre-brexit. July data is now coming through and I feel we will begin to see the true extent of the damage caused by a vote to leave the European Union. Going against the grain, UK retail sales figures came in better than expected for July and we saw GBP spike as a result. I would not put my hopes on the rally to continue however. I think this can be put down to an increase in tourism due to the low price of Sterling and the excellent whether in UK as of late. The Bank of England (BOE) has recently dropped interest rates and increased Quantitative Easing (QE) after poor Purchase Managers Index (PMI) figures. PMI is an indication of manufacturing in Britain and this coupled with poor Industrial output data caused the change in monetary policy.  Ian McCafferty a key member of the monetary policy committee (MPC) has said that should we see more poor UK data more monetary easing is a strong possibility.  I believe Sterling will drop further against the Australian Dollar, if you have an Aussie Dollar requirement it may be wise to move sooner rather than later.

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