The pound continues to be in the midst of a wave of “selling pressure” that has not subsided as the mid week trading week hits. Last week saw GBP hit lows not seen since 2012 in a costly slump for British holidaymakers travelling to Europe. It could prove hugely expensive with Britons getting much less cash for their conversions than earlier this year. The pound is currently trading at 1.079 against the euro, according to Bloomberg, at the time of writing.
Sterling has continued to fluctuate amid the ongoing Brexit discussions, with the political separation of the UK from the EU scheduled for October 31.
Since the Brexit referendum, in 2016, the pound has not yet seen the levels reacher prior.
This week, currency analysts from Caxton FX have told of the diminished selling power of the pound.
They told of Monday’s performance by the pound, and stated no news had been good news in terms of data, and said: “The pound finally got some respite from the persistent selling pressure witnessed last week.
“There were no data releases to drive the market on Monday.
Pound to euro: The pound is under a 'wave of pressure' at present (Image: Getty)
“As a result we witnessed some modest profit taking from sterling short sellers.”
Today, they added: “Yesterday's UK labour market data beat expectations to print an 11 year high.
“Average Earnings excluding bonuses came in at 3.9 per cent in June, beating economists’ forecasts of 3.8 per cent.
“Employment numbers also came in better than expected, the UK workforce grew 115,000 on a three-month run up to June, market expectations had been for a 60,000 rise.
“The surprise of the day came from the 0.1% rise in unemployment to 3.9% which had expected to remain steady at 3.8 per cent.
“The mixed data