It has been a quiet start to the week due to the bank holiday yesterday and a lack of data releases today. As a result the GBP/USD cross has remained in a 40 pip range, reaching a high of $1.6837 this afternoon.
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The only data release of any note today came from the States in the shape of Existing home sales. The numbers are a good indicator of overall economic health as a sale and can trigger a wide range of services. New owners will carry out renovations, it is a new mortgage for the financing bank and brokers are paid on the deal.
Todays figures were forecast to come in at 4.57M but the actual number of 4.59M beat expectations and lent a little bit of support to the dollar, bringing GBP/USD down from the high of $1.6837 to $1.6817.
So what could move the cross this week?
Friday – Retail sales data and mortgage approvals from the UK and a consumer sentiment survey from the US.
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