Since my last post the pound has managed to put a stop to the dollars advances clawing back around two and a half cents. Today alone has seen the GBP/USD cross climb from $1.4176 to a session high of $1.4345 as the graph below shows.
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GBP/USD graph
With little out in terms of eco-stats it seems the focus has now turned towards the two day U.S Federal Reserve meeting. Tomorrow at 0700 (GMT) Fed Chair Janet Yellen will announce the central banks latest interest decision, which will be closely followed by her statement.
It is highly unlikely we will see the Federal Reserve implement another rate hike so soon, however it will be the statement which has the potential to cause some volatility in the FX markets.
The U.S. dollar could easily move in either direction tomorrow evening depending on what Chair Yellen has to say.
If the FOMC show any signs of concern following the recent global turmoil, falling oil prices and the possibility of cooling inflation then the dollar's value could easily fall. It will leave the pound in a prime position to take advantage and could push the GBP/USD cross back towards $1.45.
On the other hand if Ms Yellen drops any hints about when the next rate hike might take place and puts a positive spin on the state of the U.S. economy then we could see GBP/USD test the $1.41 mark we witnessed last week.
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If you are thinking of buying or selling dollars in the near future the last few weeks have proved once again just how quickly things can change.
During these volatile times it is more important than ever to know what options are available to help you make the most from your transfer.
As a specialist currency broker I have a number of different tools at my disposal. I can help you target a specific rate or protect you from further adverse market movements. For more information about how I can help or to find out what rate 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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