Good afternoon,
Sterling continued its recent rise against the dollar today with the currency pair breaking through $1.69 this morning, a level we have not seen since 5th August 2009. Although the U.S. Federal Reserve announced another round of tapering last night the dollar still found itself on the back foot this morning and with the UK posting better than forecast manufacturing numbers the GBP/USD cross reached a high of $1.6912.
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Last night the U.S. Federal Reserve announced they would strike another $10 billion off of the current stimulus programme, which now stands at $45 billion. The move from the FED did little to help the dollar though as yesterdays disastrous U.S GDP figures were still casting a shadow over the economy. It looks like the FED are prepared to sweep last quarters GDP figures under the carpet as the slowdown in growth can be attributed to the poor weather conditions.
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The pound could make further gains tomorrow as the U.S release the latest non-farm job numbers which always cause some volatility in the currency markets. If the job numbers miss the predicted level of 216K and the UK posts a positive reading from its construction sector tomorrow morning, Sterling has every chance to cement a level over $1.69 and it might not be long until we see GBP/USD break $1.70.
I will keep you posted of how tomorrow pans out but if you have a requirement to buy or sell dollars in the coming weeks 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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