The pound has risen against the dollar over the past couple of days amid rumours the U.S Federal Reserve may look to keep interest rates at the current level for longer. Since Friday the GBP/USD cross has risen by over 1.7% with exchange rates climbing from $1.4962 to $1.5219 this afternoon.
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It seems falling oil prices and a slowdown in global growth could be starting to impact the U.S. economy and as a result we could see Janet Yellen and the Fed talk down a rate rise when they release their statement this evening.
Sterling has also been buoyed by the news the UK economy grew by 2.6% in 2014, its fastest pace since 2007. The figures helped the pound gain against most of the other major currencies, despite quarter fours GDP reading coming in under forecast.
As well as the statement from the Federal Reserve this evening, Bank of England Governor Mark Carney is due to speak this evening at Iveagh House in Dublin. I am sure Mr Carneys comments will be closely monitored as his engagements are often used to drop hints about future monetary policy and interest rates.
With two key figures talking this evening it is possible we could see some extra volatility in the FX markets overnight and first thing tomorrow.
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