It has been a quite day for the GBP/USD cross due to the bank holiday in the States. With markets closed in the U.S Sterling dollar exchange rates remained in a 30 pip range, hitting a high of $1.6452 just after trade opened this morning.
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With little data coming from U.S. the UK and Sterling will have a chance to flex it muscles, Wednesday will be the key day for the UK with the latest unemployment figures being released by the Office of National Statistics and the Bank of England providing the minutes from their monthly meeting.
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With the UK seeming to be well on the road to recovery and the BoE issuing forward guidance in relation to interest rates it is unlikely we will see any major movement in the FX markets when the minutes are released. Any move for GBP/USD will probably come as the unemployment figures are issued.
The BoE are looking for unemployment levels to drop towards 7% before they revisit the subject of raising interest rates. UK unemployment has improved dramatically over the past few months and a positive reading on Wednesday could see the pound strengthen even further.
I will of course keep you posted, in the meantime if you have a requirement to buy or sell dollars in the coming week and want to make the most from your currency transfer 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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