By Alex Ellis

Sterling continued to struggle on the currency market yesterday as the pound dropped against all major currencies for the second day running, this was on the back of weak economic data, as well as uncertainty surrounding the election and political party which may be in power. There is still a risk of a hung parliament this where no one party has the majority control over the country and would cripple the U.K. economy.

In the build up to Thursday’s Bank of England Interest Rate decision it seems that Thursday could determine the short term future of Sterling, as the market is still currently trading at higher levels than seen in recent weeks if you are exchanging Euros then now could be a better time to conduct your currency transfer.

 Meanwhile the Dollar remains much stronger than the pound as the economy in the U.S. has begun to show signs of recovery and is pushing itself towards coming out of the recession. Therefore for those looking to sell Dollars you may want to take advantage of these exchange rates and for those looking to purchase Dollars this week Sterling looks set to continue it’s weak run against the greenback until the near future, at least until the U.K. is out of the recession.