Tuesday, 3 January 2017

Pound/Euro rising

Good afternoon and Happy New Year.

Today has seen the pound rise to a two week high against the euro after the UK published better than expected Manufacturing figures.

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The Manufacturing PMI survey which is published by Markit confirmed the manufacturing sector climbed to 56.1 in December, beating forecasts of 53.3, and means growth in the sector rose to a fresh two and a half year high last month.

The positive reading helped the pound rise across the board and pushed the GBP/EUR cross from €1.1725 to an intraday high of €1.1832, as you can see from the graph below.

GBP/EUR graph

 


What next for the pound? 


Although the pound has started 2017 on the front foot, any additional gains in the coming months could well be limited.

There are still concerns over how Brexit will impact the UK economy and with the government set to trigger Article 50 by the end of March we could easily see the pound come under pressure before the end of the first quarter.


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