Sterling ended the week on a pretty negative note following weak UK GDP data with GBPEUR falling to 1.20, and GBPUSD falling to 1.26. The biggest concern with the data was that the services sector in the UK showed no growth in October, the same as September, which has led many to blame the most recent budget on negative sentiment in the UK economy.
There is clearly a slowdown happening in the UK economy, but how long this goes on for is the main question- we will have to keep an eye on UK figures moving forward to see if the trend shifts at all or remains the same, but for now I still believe 2025 should be another good year for Sterling.
Looking at this week, which is really the last week of good liquidity in the market until 2025, so this is most probably my last report of the year (unless something crazy happens)- we have a few events that are noteworthy and that could give us some direction before going into the new year.
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