The start of 2016 has already seen volatile swings in currency markets with sentiment among investors and traders turning to risk aversion and a ‘flight to safety’ to safe haven currencies such as the US dollar which has been one of the main beneficiaries.

The main concerns at present are to do with the continued slowdown in China’s economy (as highlighted by recent manufacturing data) and the growing tensions in the Middle East between Saudi Arabia and Iran.

Data released this week has also confirmed a slowdown in the UK’s economic growth rate. This will weigh on the chances of the Bank of England raising interest rates anytime soon – meaning there will be little appetite for Sterling. While yesterday, Chancellor George Osborne warned that the UK economy faces a ‘cocktail of threats’ and needs to address it’s ‘creeping complacency’.

During UK trading hours yesterday (06/01/16) GBP/USD hit 1.4620 which is the pair’s lowest level since April 2015.

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* Information courtesy of Currencies Direct
The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. Currencies Direct cannot be held responsible for any loss or damages arising from any action taken following consideration of this information. This article was written Currencies Direct.