Pound/Dollar rates rose this morning to $1.25 following a strong UK PMI services reading. The number came in above forecast helping to push Sterling higher against the US Dollar. There is also uncertainty surrounding how soon the US Federal reserve will raise interest rates again, removing some of the recent Dollar strength helping to push rates higher. With Brexit negotiations not due to start for some time, it seems the pressure on the Pound has been removed, helping it rise against other currencies. Certainly for the next few weeks it's going to be economic data that drives GBP/USD rates in the short term.
Need to buy or sell US Dollars?
Friday will be important as we have a raft of US data including Non-Farm Payrolls. This is a measure of how many new jobs have been created, excluding the agricultural sector due to its seasonal nature. Markets expect 180,000 new jobs, but the figure is notoriously difficult to predict. If the actual number is higher than this, then the Dollar will strengthen and push GBP/USD lower again.
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