The pound had a decent run against the U.S dollar during today's session as the GBP/USD cross climbed over a cent to reach its best trading level since the 12th November. Some positive economic data releases from the UK and some weaker figures from the U.S. helped the currency pair rise from $1.5680 to a high of $1.5795, moving the pound away from the 14 month lows we have witnessed over the past few weeks.
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The pound got off to a solid start today as the second UK GDP estimate for Q3 came in as predicted at 0.7% and Index of Services numbers beat expectations by 0.1% coming in at 0.8%. The figures helped the pound climb against most of the other major currencies, pushing GBP/USD above $1.57.
The pound was then given another boost this afternoon after today's U.S. data releases failed to impress. Core durable goods orders contracted, unemployment claims rose, personal spending & income fell and new home sales missed target by 13,000, leaving the pound on the brink of breaking through $1.58.
With the Bank of England and U.S. Federal Reserve battling it out to be the first central bank to raise interest rates, Mark Carney and Janet Yellen will be looking for signs their respective economies are improving. Just as you think one economy is performing better than the other, they have a terrible run of economic numbers, just like the U.S had today and will once again raise fresh doubts about who will actually be in a position to act first.
If you have a requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from your transfer, it is important to know what tools are available to help. For more information on the different types of currency contracts or to find out what rates of exchange I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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