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The Pound has continued its current slide against both the US Dollar and Euro, falling to fresh lows after it was confirmed earlier this morning that The UK fell into during the second half of 2023. GBP/EUR has now dipped below 1.17 just minutes after this release, with figures showing that the UK economy actually shrank by 0.3% quarter on quarter.
Pound Sterling has continued to be supported through last week and now faces a heavy week of economic data, which will no doubt play on the minds of The Bank of England regarding future Interest Rate moves. Up first, we have UK Employment Data, particularly the unemployment rate which forecasts currently suggest will have risen slightly from 3.9% to 4%.
Life can have several challenges as a job holder. Managing your finances effectively can be one of the biggest challenges one may face. Financial management is an essential skill for working professionals to secure their financial future and achieve long-term goals.
RBA (Reserve Bank of Australia) went down the same path as other central banks last week and kept rates on hold for now. No surprises here, as the majority of central banks still waiting to see when the Federal Reserve will make their next move and follow suit.
Last week was generally quite stable for Sterling following the Bank of England decision where rates were held with no real immediate concern for any cuts coming soon- the big news though was the NFP report on Friday which showed that the U.S had added 353k jobs in January, which was almost double expectation.
The surprise announcement by the Portuguese prime minister that he saw no value for the Non Habitual Resident (NHR) regime and it would cease at the end of the year was swiftly followed by the surprise announcement that he would be resigning.
Pound Sterling reached a 4-month high yesterday against The Euro after a mixed bag of PMI results across manufacturing and services sector for both The UK & EU. Across the board results showed a decline in these sectors throughout Europe, whereas manufacturing and services in particular in The UK saw a surprising increase, paving the way for Sterling to climb.
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