Good afternoon,
It has been a quiet start to the week due to the bank holiday yesterday and a lack of data releases today. As a result the GBP/USD cross has remained in a 40 pip range, reaching a high of $1.6837 this afternoon.
For a free currency consultation click here.
The only data release of any note today came from the States in the shape of Existing home sales. The numbers are a good indicator of overall economic health as a sale and can trigger a wide range of services. New owners will carry out renovations, it is a new mortgage for the financing bank and brokers are paid on the deal.
Todays figures were forecast to come in at 4.57M but the actual number of 4.59M beat expectations and lent a little bit of support to the dollar, bringing GBP/USD down from the high of $1.6837 to $1.6817.
So what could move the cross this week?
Wednesday – A busy day for the UK with the minutes from the latest Bank of England meeting, public sector net borrowing figures, the BOE’s inflation
letter and industrial orders.
Flash manufacturing PMI, crude oil inventories and new home sales from the US.
Thursday – Retail sales data is the only release of note from
the UK, US unemployment data and durable goods orders.
As you can see tomorrow is the busiest day of the week in terms of data releases for the UK and the U.S. and could cause some volatility for the currency pair. Also watch out for any comments from the Bank of England in the coming days or weeks as investors look for any hints about when a rate hike will take place.
If you have requirement to buy or sell dollars in the coming weeks and want to make sure you are making 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 or to simply find out what rates I can offer.
Click here to complete the contact form.
If you have requirement to buy or sell dollars in the coming weeks and want to make sure you are making 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 or to simply find out what rates I can offer.
Click here to complete the contact form.
