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.
09:30 UK GDP Growth Rate Q3
09:30 UK Business Investment Q3
14:45 US Composite PMI
14:45 US Manufacturing PMI
14:45 US Services PMI
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Senior Currency Broker
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