It has been a quite day in terms of economic data releases, which has been reflected within the currency markets with the GBP/USD cross remaining within a 20 pip range throughout trading today. After Fridays decline the currency pair remained under $1.68, trading between $1.6775 and $1.6795 and with a busy week ahead Sterling could be set for a volatile few days.
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What could impact exchange rates this week?
Although today has been quite on the data front, this week will see a number of key releases that could impact the value of Sterling and the dollar. All eyes will be focusing on Wednesday as the UK release the latest claimant count and unemployment figures, there is a speech from Bank of England Governor Mark Carney and the central bank also release their latest inflation report. From the States we will see the latest retail sales figures and there is a speech from FOMC member William Dudley.
All of the above have the potential to cause some movement in the FX market. If the UK releases fail to meet expectations or Mr Carney is dovish about a potential interest rate hike, we could see the pound lose further ground against the dollar and move further from the six year high we witnessed only a few weeks ago.
Are you looking to buy or sell dollars?
If you have an upcoming requirement to buy or sell dollars in the coming weeks it is important to know how you can make the most from your transfer. As a specialist currency broker I have a range of currency contracts at my disposal, designed to give you peace of mind and protect you against adverse market movements.
For more information on the types of contract or to find out what rates of exchange I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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