Sterling has steadily climbed over the course of trading today with GBP/USD exchange rates reaching a high of $1.6720. Today's rise has seen the pound gain nearly half a per cent against the greenback as the UK's recovery got back on track.
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After last weeks poor unemployment and retail sales figures it seemed the UK recovery may be starting to slow. Unemployment has risen by 0.1% and Januarys retail figures failed to meet market expectations.
This morning saw two key data releases for the UK economy and they did not disappoint, mortgage approvals came in 2.1K higher than forecast at 50K and CBI (Confederation of British Industry) realised sales figures came in 22 points higher than predicted.
Tomorrow sees the release of the second GBP estimate for Q4 2013 and if we see anything different to the 0.7% that is forecast, it is likely we could see some further movement for the GBP/USD cross.
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There are also a number of factors from the States that could impact exchange rates for the remainder of the week. With key data releases from the U.S. including New Home Sales, Durable Goods orders, Unemployment Claims, Prelim GDP figures and a speech from FED chair Janet Yellen, there is every chance the dollars resolve will be tested once again.
As I have said on a number of occasions it almost impossible to predict which way the currency markets will move and that is demonstrated by the huge gulf in some of my brokers forecasts. Some are saying we will see GBP/USD over $1.70 in the next few months, while others are predicting that rates will fall closer $1.60.
That is a difference of $20,000 on a £200,000 trade, so if you are thinking of either buying or selling dollars in the next few months it more important than ever to know what your options are.
As a dedicated currency broker I have a range of tools available to help you make the most from your currency transfer. I can help target a rate that might not be currently available or protect you against any adverse market movements. For more information on the types of currency contract I can offer 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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