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Tuesday 28th February 2017

Sterling remained under pressure in early European trading on Monday.

Sterling remained under pressure in early European trading on Monday with a decline to test support below 1.2400 against the dollar as the Euro rallied to a peak 0.8540. There were further concerns surrounding the political outlook amid speculation over a possible second Scottish referendum, although reports were denied by a government spokesman.

There were also expectations of month-end selling which tended to undermine Sterling sentiment to some extent. The latest GfK consumer confidence reading was edged lower to -6 for February from -5, but the Lloyds Business Barometer strengthened to the highest level for 11 months at 40 from 29 previously. The data suggested consumer spending could be vulnerable, potentially offset by wider support for the economy. Sterling gradually recovered to the 1.2450 area against the dollar as the Euro drifted slightly lower towards 0.8500, but faded on Tuesday with markets still wary over month-end volatility.

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