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Sterling rose across the board following comments from Britain's Brexit Minister David Davis yesterday morning, as investors concerns faded over the UK government pushing ahead with a hard Brexit.
As I mentioned in my last post, Davis stated the government could be willing to continue making contributions to the EU in order to keep the UK's access to the single market, and the news helped the pound reach a two month high against the dollar of $1.2694.
GBP/USD graph
Will the GBP/USD exchange rate keep on rising?
A lot will depend on what happens it Italy over the weekend. On Sunday the Italians will be voting on Prime Minister Matteo Renzi's list of reforms and the result could have an impact on the value of the pound and U.S. dollar.
The referendum is a chance to change the Constitution of Italy, which if successful will hand more power to Renzi and allow him to bring more stability to the country's flagging economy.
A YES vote would bring a wave of reforms and is likely to increase confidence in Italy and the Eurozone, if that happens investors could move away from the safety of the dollar, which in turn could push GBP/USD higher.
However, a NO vote would lead to Renzi resigning and is likely to send shock waves around the financial markets. A NO vote will probably see dollar benefit as a result, and could lead to the pound giving up the gains it has made over the course of this week.
Jobs day.
This afternoon will see the U.S. announce their latest Non-farm Payroll job numbers. Regular readers will know the data can cause some big swings in the value of the dollar as the result can deviate massively from the predicted reading.
If you are looking a buying or selling dollars today, it is worth keeping an eye on jobs data, which will be released at 1330 GMT.
Do you need to buy or sell dollars?
If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
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