By Alex Ellis

Sterling lost ground over the course of last week against the two most major currencies; against the Euro this change was -1.3% and against the US Dollar this change was -2.1% over the course of the week.

The cause of this weakness can be attributed to a number of data releases, one of which being the Bank of England’s minutes which were released on Wednesday. During the course of the original meeting it was decided that the Quantitative Easing programme was set to continue, however these minutes showed a 3-way split in the voting which some have interpreted as Sterling uncertainty.

The credit rating agency Fitch also stated that the U.K. was the nation most at risk of losing its AAA rating, which in turn caused Sterling weakness.

As we approach the years close there will be more and more data releases, which will make the currency market especially volatile over the coming months.  Therefore in order to ensure that you maximise your saving and buy your currency at the right time, stay in contact with an experienced currency specialist.