What a day for the Pound! After this mornings GDP estimate, Sterling found some momentum against the U.S. dollar to reach its highest level since early January. Trade opened today with GBP/USD sitting just over $1.62, but a gain of nearly 0.75% pushed exchange rates up to $1.6330 by early afternoon.
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This morning saw the Office of National Statistics release its second GDP estimate for Q3 and with the figure falling in line with initial estimates. The report confirmed the UK economy has expanded by 0.8% which highlights once again the UK recovery is picking up speed.
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It wasn't only against the dollar that the pound rose. Sterling gained strength against all of the major currencies and once again briefly broke €1.20 against the euro.
However, with better than expected U.S. unemployment claims GBP/USD was unable to stay over $1.63. It was forecast there would be a rise in the number of people claiming for unemployment but with a reduction of 15,000 the greenback was able to claw back some lost ground and at the time of writing cable was down to $1.6265.
Today's movement shows just how volatile the FX markets can be, to put the movements into monetary terms a £200,000 trade into dollars would have varied by around $2,400 between the low and the high of the day.
It also shows just how important it is to get the timing right on your currency transfer. So if you need to buy or sell dollars in the coming weeks and want to ensure you are making the most of your money, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065 for a free, no-obligation consultation.
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