By Alex Ellis

Sterling has experienced gradual gains in the last few weeks, however yesterday, GBP lost ground against the entire spectrum of major currencies; The Euro, Us Dollar, Australian Dollar, New Zealand Dollar and South African Rand.

One explanation of this is what has been termed the ‘Currency Compass,’ which outlines the factors that influence the market. These four factors are: Political Certainty, Economic Stability, Acts of Terror and Acts of God. Currently three of these factors are influencing the Pound; the only one which isn’t being Acts of Terror.

Today there are a number of data releases that could impact the market; this could make the market especially volatile. In order to ensure you reduce the risk when transferring money abroad, contact an experienced currency specialist who will aid you through the process.

The most influential data release for the U.K. will be the mortgage approvals released today at 9:30AM. This will show how the housing sector is fairing in this economic crisis and if data is not as expected could impact Sterling Exchange Rates.