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CPI boosts a weak GBP
24 March 2014

As predicted we start the day off with another quiet day on the currency markets. Allowing for sterling to continue on the back of the earlier improvements. Higher points for the GBP has placed itself against the Euro and US Dollar all coming in after Production Manufacturing Figures (PMI) for the Eurozone and for the German state all coming in under what was expected. German manufacturing and services PMI saw the biggest shortcoming with figures showing a growth of 53.8 against a 54.6 consensus for manufacturing and 54 against a 55.5 consensus for the services sector. Posting a positive figure for the Eurozone via PMI added in some market movements but still lower as expected.

A similar trend across the pond could be seen for the US Dollar after posting of US led manufacturing PMI, which came in lower at 55.5 when a 1% growth was predicted. Still this figure was stronger then the European counterparts. As the day moved on traders took advantage of higher trading levels as Sterling.

If you are looking and getting your funds abroad soon, it will be some relief to hear that the UK Consumer Price figure came in higher than expected whilst still dropping on the year end by 0.2%. Inflation also showed some growth up form 1.6% to 1.7% on the previous month, which has backed up the Pound in its early trading as it picks itself back up. As we look ahead and look at the next raft of data due out we could see changes and a pick up as we saw yesterday. So do keep in touch with our trained currency brokers to assist you in any market movements and help you get money abroad today.

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