Another volatile day on the currency markets yesterday with the Pound seeing movement of over 1 cent against the Euro, to over €1.16, and a cent and a half against the USD, breaking through $1.2850.
The moves yesterday can be attributed to the many rumours coming out in relation to the hot topic of Brexit. As soon as there is a sniff of positive news of a deal being close the Pound began to move higher, once the rumours are qualified and found out to be just that, the Pound corrects quite sharply.
The important data points of UK CPI (inflation figures) and US retail sales that were published yesterday are now having no effect on the price of currency with Brexit dominating everything.
With a lack of actual progress in the talks throughout the day you can expect these volatile times to continue. If you have a currency requirement coming up it would be worth speaking to an expert broker at Optimal Currency as we have tools in place here that can help take advantage of any sudden swings in the marketplace.