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GBP/USD Exchange Rate Volatility Forecast on UK Earnings Data

Last week’s high: $1.3604

Last week’s low: $1.3471

Pound US Dollar Rate Battered by BoE Interest Rate Freeze

The Pound fluctuated wildly against the US Dollar last week, due to the Bank of England (BoE) freezing its interest rate for another month.

This was the expected outcome, but the Pound was still damaged because the BoE also downgraded its 2018 growth forecast.

US news included Donald Trump withdrawing the country from the Iran nuclear deal, which sent crude oil prices soaring.

An outright USD/GBP exchange rate rally was prevented when US inflation stats showed growth below the expected level.

USD Outlook: Turbulence Ahead on UK Jobs Market Stats

This week’s main source of Pound to US Dollar exchange rate movement will be a collection of jobs market figures out on Tuesday.

The Pound could rise if the pace of wage growth accelerates, or if the unemployment rate unexpectedly falls.

A GBP/USD advance might also be enabled if US retail sales data (also out on Tuesday) shows a forecast-matching slowdown in activity.

 

Key Events

15th May

09:30 UK Average Earnings including Bonuses

09:30 UK Jobless Claims Count Change

09:30 UK Unemployment Rate

13:30 US Retail Sales

 

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

 

Arron Morris
Currency Trader
T: 01442 892 065

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