Foremost Currency Group

Make the most of your currency

Talk to our friendly team:+44 (0)1442 892060

GBP/USD Trends Near Monthly High

Yesterday’s high: $1.3057

Yesterday’s low: $1.3021

US Dollar Fails to Find Support in Domestic Data

The Pound to US Dollar exchange rate trended near its best levels in over a month on Wednesday. Sterling was able to gain against a weak US Dollar, as the day’s US data failed to notably improve the nation’s outlook.

ISM’s non-manufacturing PMI for August fell short of expectations, only rising from 53.9 to 55.3 rather than the forecast 55.4. Markit’s final August services and composite PMIs also disappointed, both coming in below projections.

As a result of the disappointing PMI data, Federal Reserve interest rate hike bets remained low, with over 67% betting that rates will stay frozen until 2018. Investors were largely unfazed by news that the US trade deficit didn’t worsen as much as expected.

USD Outlook: Fed Speculation in Focus

In recent sessions, some Federal Reserve officials have weighed in with views on the US interest rate outlook. More officials will be delivering speeches in the coming days, which could inspire Fed rate hike bets and US Dollar movement.

UK and US data could also influence GBP/USD exchange rates. US jobless data will come in on Thursday, while Britain’s July trade deficit update will be published on Friday.

Key Events

7th September

13:30 US Jobless Claims

8th September

09:30 UK Balance of Trade

09:30 UK Industrial Production

15:00 US Wholesale Inventories

If you need to make a USD transfer but don’t have an account with us, click here to get started.

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

© Copyright 2013 to 2018 | Foremost Currency Group Ltd | All rights reserved