With the volatility we witnessed last week for the Sterling/dollar today has been fairly uneventful. GBP/USD exchange rates stayed within a 40 pip range, fluctuating from $1.6467 to $1.6508. As today has been relatively quite, in today's post I will give you a quick overview of todays events and look at what could impact rates for the rest of the week.
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The only data of note to be released today was the latest flash manufacturing PMI from the States. The PMI data is a survey of around 600 purchasing managers which ask them rate current business conditions which include production, inventories and employment. A score of 50.0 indicates growth in the industry and although today's figure came in at 55.5 it did miss the forecast score of 56.6, though it will not cause any major issues for the dollar as it looks to build on last weeks gains.
What could impact rates this week?
Tuesday – From the UK we have inflation data, CBI realised sales survey and mortgage approvals. And State side we will see a consumer confidence report, a speech from FOMC member Plosser and the latest new home sales.
Thursday – A busy day and likely to cause a fair bit of volatility as we see the latest Retail sales data from the UK. The U.S release their latest Unemployment numbers,
final GDP figures and pending home sales.
Friday – Another important day for the UK as the ONS release the monthly current account and
final GDP figures. We also get Inflation data, personal spending figures and a
consumer sentiment survey from the US.
I will of course keep you updated throughout the week but in the mean time if you have requirement to buy or sell dollars in the coming days and want to make the most from your 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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