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Surprise upside for Pound Sterling exchange rates
Last week’s data releases provided strength for the Pound after a pretty downbeat month or so on the market- showing that UK PMI numbers were back over the 50 area, which means that the UK economy is no longer contracting- we may not see massive growth over the next year, however, a stagnating economy is much better than one in recession- which looks more likely for the Eurozone currently. On this basis, we can see GBPEUR exchange rates remaining positive for the here and now, with the BoE set to keep rates on hold until potentially the second half of 2024, as the UK economy strengthens, we can see that being ... (full story)