[vc_row][vc_column][vc_column_text]It was another week of volatility for many currencies last week, with the market continuing to be dominated by an escalation in global trade tensions.

The start to this week sees the focus remain on trade, with GBP/EUR holding at €1.1303, while GBP/USD slides to US$1.3160.

Looking ahead, the focus is likely to remain on the US dollar this week, with a slew of US data potentially driving the currency even higher should they print positively.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Pound tumbles as Brexit uncertainty takes hold

The pound suffered another sell-off last week, with the currency struggling in the face of growing Brexit uncertainty.

It was a slow start for the pound again last week with a lack of underlying strength leaving the currency exposed to the advances of its peers.

Further denting the GBP exchange rate on Tuesday was an appearance from the Bank of England’s (BoE) newest Monetary Policy Committee (MPC) member Jonathan Haskel, with investors fearing his tone indicated he could push the BoE in a more dovish direction.

The most dramatic losses in the pound came in the mid-week however, with GBP/EUR and GBP/USD striking new multi-month lows as rising Brexit uncertainty clouded market optimism.

However, Sterling was able to claw back some ground at the tail end of the week, following the publication of the UK’s latest GDP figures.

This saw UK growth revised up from 0.1% to 0.2% in the second quarter, helping to bolster expectations that the BoE could target a rate hike in August.

This week will see the UK publish its latest PMI figures, with GBP investors potentially bracing for another slide in the pound should forecasts that the UK’s private sector will have seen negligible growth in June prove correct.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

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