GBP Forecast – UK Economy Under Increasing Pressure
Sterling has found life tough going of late following poor run of UK economic data.
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Fears over the current state of the UK economy have continued to manifest themselves over recent days, in line with the greatest signs of stress shown since the Eurozone economy and double-dip recession six years ago.
The Pound has struggling to make any impact against the other major currencies, which seems to be a direct result of the current malaise inside the UK economy. The table below shows the movement in exchange rates, and the resulting difference in a number of currencies you could have achieved when buying £200,000.00 during the high and low points of the past month.
Investor confidence in Sterling has been drained, following a seemingly endless run of poor UK economic data. In truth it’s been some of the toughest few weeks that’s Sterling has had to endure in recent memory, with the Bank of England’s (BoE) decision not to raise interest rates last month seemingly the catalyst for its recent demise.
Since that juncture we’ve seen a very poor run of economic data, culminating in Monday’s disastrous Manufacturing data. The figure was well below the market predicted result and was in fact the worst figures seen since 2012.