It has been an interesting couple of days for the GBP/USD
dollar cross. With little data being released in the UK today the pound has been at the
mercy of events elsewhere.
Sterling
held its ground against the U.S dollar on Wednesday despite being close to a three
week low against the Euro; cable reached a high of 1.5850 with growing speculation
that U.S policymakers are getting closer to more monetary stimulus to boost the
U.S economy.
FED chairman is Ben Bernanke is due to speak at the central banks
annual meeting in Jackson Hole on Friday, and any indication of further stimulus
could see rates push past the $1.59 mark, briefly seen a week ago.
Last week saw sterling gain ground against the dollar
following the U.S Congress Budget report, with a rise in tax and spending cuts
the potential is there for the U.S economy to slip back into recession in 2013.
There was some positive news for the US today though;
figures released on Wednesday afternoon showed that the U.S economy had grown
more than forecast for the second quarter. Official figures showed that the
economy grew by 1.7% compared to the 1.5% originally predicted, but will all
eyes on Fridays meeting it did not have much of an impact on exchange rates.
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