GBP/USD exchange rates climbed back over $1.52 during today's sessions after the latest U.S. retail figures failed to meet forecast. Just before the retail figures were released the currency pair were sitting around $1.5175 but with the retail sector contracting by 0.9% in December the pound was able to take full advantage, rising nearly a cent to reach a high of $1.5266.
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Today's rise now sees the pound sitting at its highest level against the dollar since the 6th January and means GBP/USD has now climbed over two cents from the 18 month low we witnessed last week. Any chance of the exchange rate dipping below $1.50 seem to have passed (for the time being at least) as not even yesterday's record low inflation reading from the UK could help the dollar.
With most things now priced into the market, talk of interest rate rises, low oil costs, exits from the Eurozone and extravagant quantitative easing programmes from the European Central Bank are less likely to drive exchange rates over the next few weeks.
What could move rates for the rest of this week?
There is no real data of note from the UK for the latter part of this week so the pound is going to be at the mercy of events in America. The States have a number of key releases over the next two days and as today retail figures have shown things can quickly change.
Things to look out for tomorrow include the latest U.S. Producer Price Index figures, weekly unemployment claims and Manufacturing numbers, while on Friday we will see the latest Consumer Price Index figures and Consumer Sentiment.
All have the ability to have an impact on the dollar's value, so if you have a requirement to buy or sell dollars in the coming weeks and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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