GBP/USD exchange rates stage a fightback

Good afternoon,

Sterling has managed to fight back against the dollar since Monday with the GBP/USD exchange rate pushing back towards $1.66. In my last post cable was down at $1.6467 but over the last 48 hours Sterling has managed to gain around 0.7% against the dollar with most of the gains seen during trading today.

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Since trading opened this morning the GBP/USD cross has risen from $1.6510 to $1.6581 (the highest we have seen since the pair since 19th February). Sterling started to make ground yesterday following some positive housing data which showed house prices were up 6.8% compared to this time last year and coupled with the latest UK inflation data, which keeps us close to the Bank of England target of 2% the pound was able put an end to the declines we have witnessed over the last seven days.

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If you have to exchange funds in the coming days it is important to know what to look out for. Thursday will probably be the key day in terms of economic data releases this week. Tomorrow will see the release of the latest UK retail figures and in the States we will see final GDP figures for Q4 and pending house sales numbers, which if positive could strengthen the case for further cuts by the U.S. Federal Reserve.

If you have a requirement to buy or sell dollars and want to ensure you are making the most from your currency transfer, contact me today to find out what tools are available to either help protect you against any adverse market movements or target a rate that might not be currently available.

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