Pound/dollar rates remained relatively flat on Thursday
despite a string of poor data coming from the U.S. Rates held above $1.55 with investors
still concerned over issues surrounding the euro-zone and the potential knock
on effect it could have on the UK
economy.
With investors waiting for the Greek election results on
Saturday the U.S dollar is still seen as the currency of choice despite U.S
consumer prices falling by 0.3% in May. Figures showed that a drop in petrol
prices was behind the biggest monthly fall in over three years, coupled with
the rise in Initial and Continuing Jobless Claims and Wednesdays fall in Retail
Sales there has been added speculation that further monetary stimulus could be
around the corner to help the faltering U.S economy.
Later this evening Bank of England
(BoE) Chairman Mervyn King is due to give a speech on how the BoE view the
current UK
economy and the value of the GBP. Depending on the tone of the meeting it could
lead to some movement in the currency markets.
This weekend could have a major impact on exchange rates and
the future of the Euro and depending on the outcome we could see the GBP/USD
cross move in either direction. If you need to buy or sell dollars in the next
couple of days it is important you know what options are available to protect
yourself from adverse movements. Click here to send me a no obligation enquiry
and we discuss the options to make the most from your currency transfer.
