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3-Week High for Pound/US Dollar Exchange Rate

Yesterday’s high: $1.3296

Yesterday’s low: $1.3212

US Dollar Dips on Poor Orders Data

Although the Pound was unsettled by a post-budget dissection yesterday, the GBP/USD exchange rate still rose by 0.3%, hitting a fresh 3-week high.

While traders were a little rattled by the announcement that the Office of Budget Responsibility (OBR) had downgraded its growth forecasts, this wasn’t enough to weaken GBP/USD.

The US Dollar also came under pressure as US durable goods orders provided cause for concern.

Durable goods orders dropped from 2.2% to -1.2% In October, instead of the anticipated 0.3% reading.

USD Outlook: Pound Volatility possible if UK GDP Slows

Sticking with UK GDP readings, the Q3 second estimates are out this morning.

Analysts predict no real change, but if GDP is revised lower, GBP exchange rates could slip.

With US markets closed for Thanksgiving, the US Dollar may experience little movement in the hours ahead.

Friday is likely to be more interesting as the US will publish PMI readings for the manufacturing and services sectors.

Analysts expect higher activity in both fields, so the US Dollar could end the week on a high.

Key Events

23rd November

09:30 UK GDP Growth Rate Q3

09:30 UK Business Investment Q3

24th November

14:45 US Composite PMI

14:45 US Manufacturing PMI

14:45 US Services PMI

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris

Senior Currency Broker
T: 01442 892 065

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