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By Michael Vaughan

Sterling was to see some unexpected gains in this morning’s session following better than expected unemployment figures. Official figures showed fewer than expected Britons claimed unemployment benefit, the jobless rate surprisingly held steady and average earnings growth was not as weak as anticipated.  However, heading into the afternoon session much of these gains were wiped out as speculation rose about possible extensions of the Governments stimulus plan through the use of Quantitative Easing. This was again to highlight the importance of being in a position to act on spikes as in the current climate they will often be very short lived.

By Michael Vaughan

Sterling had a poor day against a host of currencies after an unexpected fall in UK manufacturing output. The data released this morning was worse than expected and has raised doubts over the recovery of the UK economy. Sterling is currently experiencing a very poor run with many analysts suggesting the current trend may well continue. For anyone buying foreign currency with sterling contact Foreign Currency Direct to utilise one of the many contracts at our disposal to safeguard your rate of exchange.

By Michael Vaughan

Sterling exchange rates remained relatively steady throughout the day beginning positively in early morning trading but losing ground during the afternoon. Following yesterday’s positive gains following better than expected GDP figures and consumer confidence the pound found support but was to pair back against the Euro as analysts said the economy remained weak, and that recent weakness in the pound would continue.

By Michael Vaughan

Sterling exchange rates were to finally find support against a host of major currencies (the exception being the New Zealand dollar) in a reversal of recent trends. The pound has found support today as the Bank of England minutes showed a 9-0 vote in favour of keeping the Bank’s Quantitative Easing stimulus package held at £175bn and with sterling having had a terrible run of late a positive movement such as today may well be an opportune time to take advantage.