Last week saw the pound drop against the euro to almost its lowest level in two years. With borrowing costs in the UK having risen to their highest level since covid, all eyes will be on the release of UK services and manufacturing data tomorrow, which could add further gloom to the UK’s economic outlook.
It’s a good time for anybody looking to transfer euros to pounds, but for those sending money the other way, it could be well worth a conversation with your Lumon currency specialist to see what options you have to protect your budget against currency volatility.
Elsewhere in the world, the US will publish their second-quarter GDP figures on Thursday, followed by inflation data on Friday.
After the Federal Reserve cut their interest rate last week for the first time this year to try and stimulate growth, any data that further signals a struggling US economy could trigger more volatility for the dollar, already trading 13% weaker against the euro than it was at the start of the year.
This week in the markets:
Tuesday 23rd
- UK services and manufacturing data
Thursday 25th
- US second-quarter GDP figures release
Friday 26th
- US inflation data
If you’re planning to send money abroad and want to understand more about how news from around the world could impact your budget, contact Lumon on +44 (0)204 506 5672 for a free, no-obligation conversation and discover what options you have available to help.
