Forex Weekly Round Up 11/1/16 – 15/1/16

Monday was a light day in terms of data being released for the pound, however, the FTSE suffered further losses posting its worst first week of the year since 2000. This was partly due to weak data out of China causing copper prices to fall, having an effect on mining firms listed on the FTSE.

The pound tumbled to a five and a half year low against the dollar on Tuesday. This was due to UK industrial production slipping 0.7% in November, the biggest slide in 3 years, mainly due to low domestic demand for electricity and gas.

On Thursday, the Bank of England’s rate-setting committee held interest rates at historic lows, while it cut forecasts for economic growth and inflation. The monetary policy committee (MPC) voted 8-1 in favour of keeping the benchmark interest rate at 0.5%, with lone hawk Ian McCafferty staying in favour of a rate rise despite concerns over the global economy

Businesses and individuals looking to buy dollars and sell euros may benefit from a forward contract to hedge against adverse movements. Please contact us for your free, no obligation FX comparison.

Here are the exchange rates taken at 12:41 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.

GBP/USD 1.4332
GBP/EUR 1.3134
USD/EUR 0.9164